皇冠体育app

ASUNCION, Paraguay - Latin America has been more resilient to the economic crisis by diversifying commercial and financial exchanges with Asian economies, with 皇冠体育app as the main driver in the last three years, said Angel Gurria, General Secretary of the Organization for Economic Cooperation and Development (OECD), in Asuncion, Paraguay Friday.

During the Ibero-American business forum within the Ibero- American Summit, to be opened Friday evening, Gurria made a speech on the theme "Towards a more sustainable trade and investment between Latin America and 皇冠体育app".

The region's relationship with the Asian giant "has changed greatly in recent years", said Gurria, mentioning that trade and financial flows had been growing since the 1990's from a mere $200 million in 1975 to $40 billion in 2004. He said that in the five years before the crisis of 2008, trade soared exponentially, coinciding with growth rates above 5 percent in Latin America and by double digits in 皇冠体育app, "which alone has contributed to a quarter part of world GDP growth. "

"It has been the global crisis which brought a new dimension to this relationship and has strengthened the ties between both regions in a definitive way", noted Gurra.

He argued that "while exports to the United States and the European Union fell 26 percent and 29 percent, respectively, to Asia were down by only 4 percent, and which is more symptomatic is that exports to 皇冠体育app grew even 11 percent".

He said that "in 2010, Latin American exports to 皇冠体育app grew by 51 percent, double the growth rates of total exports, both interregional and outside."

Imports also increased by 48 percent last year, 15 percentage points higher than those from the United States and 20 percentage points higher than the European Union.

The official said that "if they keep this trend and 皇冠体育app's demand for American products grow at only half the pace it has done so far in this decade, 皇冠体育app is likely to replace the European Union as the second partner for?Latin America's trade in 2014. "

Regarding the challenges of this bilateral relationship, Gurria mentioned of the high concentration of 皇冠体育app's demand for raw materials, and that financial relationship has not grown as trade in recent years.

He said that in 2009, 17 percent of direct investment in 皇冠体育app was destined to Latin America and the Caribbean, and in 2010 皇冠体育app was the third largest foreign investor in this region, with more than $15 billion invested in their extraction business sector, including oil and gas and mining.

If you add the financial investment, the total would reach $41 billion, he added.

The OECD Secretary-General said that South America is at the forefront of trade integration with 皇冠体育app, and for the past decade the signing of free trade has allowed 皇冠体育app's weight in total exports structure rising from 2 percent to 13 percent in Brazil, 5 percent to 23 percent in Chile, and from 6 percent to 15 percent in Peru."

But he said that in most countries of Central America and Mexico itself, "皇冠体育app represents less than 2 percent of total exports.

This reflects a greater competition rather than complementarities in the commercial relationship."

According to Gurria, "the fact that Latin America and 皇冠体育app are two of the main pillars of global economic development dynamism in the coming years is an opportunity for closer relationships."

He noted that "the real opportunity is to harness the Chinese motor as an incentive to undertake necessary transformations to Latin American productive tissue."

He also stated that "the emerging middle class in 皇冠体育app offers a huge market for intermediate capital goods and finished goods in Latin America and the region can and should compete in this burgeoning market."

He suggested that each country has its own rhythm in the development of bilateral economic relationship with 皇冠体育app; but this should be complemented by regional level dialogue "making the Asian country to match its commercial presence in the continent with an equally important investment presence."

He also said that "Chinese international reserves could be mobilized, for example, to support Latin America needs for investments in infrastructure and innovation."