Latin America Opportunity Regions… collectively a major market for U.S. exports at $600+ billion per year.
- NAFTA being replaced by new USMCA.
- Low labor costs, educated work force.
- Foreign Direct Investment (FDI) stable.
- 90% of trade under FTAs.
- Dependency on US economy continues.
Central American Region
- 11th largest economy in Latin America.
- US part of DR-CAFTA trade agreement.
- Key for logistics & growth region is Panama.
- Panama Canal connects with the world.
- Agriculture & tourism key sectors.
South American Region
- Low labor costs; educated, young population.
- FDI stable… increasing in Chile, Peru, Colombia, Brazil.
- Mercosur/Andean trading blocs.
- Colombia, Chile, Peru & Brazil growing.
- Natural resources/agricultural products.
- Puerto Rico is a commonwealth country, unincorporated territory of US.
- CARICOM/CSME trade & economic pact.
- Goods movement between US & Puerto Rico not subject to import duties.