Latin America Matters
In my experience Latin America generally goes unmentioned in the everyday conversations of U.S. citizens – even those regarding business and the globalized nature of the world economy. When you consider the global effects of the “Euromess” and the clout of international economic super-powers like China, India, Germany, and Japan this isn’t quite so surprising. In addition, the amount of business being done between China (the second largest economy in the world) and Latin American countries, most notably Brazil, is detracting from U.S. trade relations with the region. However, The Latin American economy is growing and expanding and according to the U.S. Council on Foreign relations: “Latin America has never mattered more for the U.S.”
The United States are the largest export destination for Latin America, in 2010 more than 40% of Latin American exports ended up in the U.S. Conversely, “The region is the largest foreign supplier of oil to the United States and a strong partner in the development of alternative fuels. It is the United States’ fastest-growing trading partner, as well as its biggest supplier of illegal drugs. Latin America is also the largest source of U.S. immigrants, both documented and not. All of this reinforces deep U.S. ties with the region—strategic, economic, and cultural—but also deep concerns.”
These factors coupled with the recently approved trade agreements with Colombia, the consistent growth and stability seen in Chile’s economy, the booming nature of Argentina’s economy in the past few years, and the fact that Brazil is the 9th largest economy in the world make me wonder… why aren’t more people talking about Latin America?