Publication by the IDB (Nov. 2019)
Trading Promises for Results
What Global Integration can do for Latin America and the Caribbean
(edited by Mauricio Mesquita Moreira and Ernesto Stein)
- Excessive expectations on the promises of free trade led to disappointment, skepticism and reform fatigue, and in some cases, to policy reversals.
- Liberalization brought many benefits, including faster growth. Our study finds that a tariff cut accelerates per capita GDP growth. And most Latin Americans favor deeper integration.
- Some sectors and workers lose with free trade, however, and have incentives to block trade reform. Implementing good trade policies requires a deep understanding of the political economy of trade policy and an adequate institutional architecture for trade policy management.
- Succesful trade policies also require a complementary agenda to facilitate factor reallocation and protect those who are made worse off, in order to make the most of the opportunities offered by global integration, while mitigating associated risks.
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luncheon at the residence of the Peruvian Ambassador and in the presence of Ambassadors and Embassy officials of other Latin American countries. The purpose was to open a dialogue about opportunities of mutual cooperation by strengthening ties with LATCAM, get a perspective on potential LATCAM events under consideration for 2020 and give all diplomats present a possibility to ask questions and present their views.
