SELA to analyze in Caracas economic relations between Latin America, the Caribbean and the ASEAN

The main objective of this meeting is to assess the opportunities and challenges for Latin America and the Caribbean to boost and diversify economic relations with member countries of the ASEAN. 

The Permanent Secretariat of the Latin American and Caribbean Economic System (SELA) is organizing the Regional Meeting on economic relations between Latin America and the Caribbean and the Association of Southeast Asian Nations (ASEAN), scheduled to take place on 16 March at its headquarters in Caracas and gather representatives from Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

The main objective of this meeting is to assess the opportunities and challenges for Latin America and the Caribbean to boost and diversify economic relations with member countries of the ASEAN. In this connection, a presentation will be made of the document “Analysis of the economic relations between Latin America and the Caribbean and the Association of Southeast Asian Nations (ASEAN),” prepared by the Direction of Studies and Proposals of the Permanent Secretariat of SELA.

Speakers at this meeting include representatives of the Embassies of Malaysia, Vietnam and Indonesia; experts and representatives of the Permanent Secretariat of SELA, the Pacific Alliance, the Secretariat for Central American Economic Integration (SIECA) on behalf of the Central American Integration System (SICA), the America-Asia-Pacific Observatory of LAIA, the Andean Community (CAN), and the Caribbean Community (CARICOM).

The ASEAN has been characterized by a favourable economic performance, which has been possible through a growth strategy oriented towards international trade, representing 6.3% of exports worldwide in 2014. This has resulted in an average annual expansion of 5.6% in its GDP since 2001 and a share of 6.0% in the world GDP in 2014.

Meanwhile, Latin America and the Caribbean represented 8.6% of the world GDP in 2014 and showed an annual average growth of 3.8% during the period 1990-2014. In commercial terms, the region exported 5.5% of goods and services globally in 2014.

A slowdown in emerging markets is expected to continue in 2016. Therefore, it is mutually beneficial to close ties between the two regions to boost economic growth.

In this connection, SELA considers it necessary to devote greater efforts in the identification of areas of mutual interest that may help expand the economic relations in high value added activities that foster the economic growth of Latin America, the Caribbean, and Southeast Asia.