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The Eurasian Economic Union & Latin America And Thank you for your interest in this ECLAC publication ECLAC Publications Please register if you would like to receive information on our editorial products and activities. When you register, you may specify your particular areas of interest and you will gain access to our products in other formats. www.cepal.org/en/publications ublicaciones www.cepal.org/apps Economic Commision for Latin America Eurasian Economic Commission and the Caribbean Alicia Bárcena Sergei Glazyev Executive Secretary Member of the Board – Minister in charge of Integration and Macroeconomics Mario Cimoli Deputy Executive Secretary Askar Japparkulov Director of Macroeconomic Policy Department Raúl García-Buchaca Deputy Executive Secretary for Management and Programme Analysis Hugo Beteta Chief, ECLAC subregional headquarters in Mexico This document was prepared by the International Trade and Industry Unit of ECLAC Subregional Headquarters in Mexico: Jorge Mario Martinez, Head of Unit, Olaf de Groot, Jennifer Alvarado, Martha Cordero, and the Eurasian Economic Commission Macroeconomic Policy Department, Economic Policies Strategies Section: Andrey Panteleev, Head of Section, Anastasiia Khazhgerieva, Consultant, and Nare Petakchyan, Chief Specialist-Expert. The views expressed in this document, which has been reproduced without formal editing, are those of the authors and do not necessarily reflect the views of the Organization. Explanatory notes: - A full stop (.) is used to indicate decimals. - The word “dollars” refers to United States dollars, unless otherwise specified. United Nations publication LC/MEX/TS.2021/8 Distribution: L Copyright © United Nations, 2021 All rights reserved Printed at United Nations, Mexico City, 2021-11 This publication should be cited as: Economic Commission for Latin American and the Caribbean/Eurasian Economic Commission (ECLAC/EEC), The Eurasian Economic Union & Latin America and the Caribbean: A Transcontinental Partnership, Mexico City, 2021. Applications for authorization to reproduce this work in whole or in part should be sent to the Economic Commission for Latin America and the Caribbean (ECLAC), Publications and Web Services Division, [email protected]. Member States and their governmental institutions may reproduce this work without prior authorization, but are requested to mention the source and to inform ECLAC of such reproduction. The Eurasian Economic Union & Latin America and the Caribbean: A Transcontinental Partnership 3 Contents Foreword .................................................................................................................................................................................... 7 Abstract....................................................................................................................................................................................... 9 Chapter I General overview of the economy and international affairs ................................................................... 11 A. International affairs profiles ...................................................................................................................... 11 1. Cooperation and integration mechanisms in Latin America and the Caribbean ..... 11 2. Cooperation and integration mechanisms in EAEU ................................................................ 16 3. Cooperation between Latin America and the Caribbean and the Eurasian Economic Union .................................................................................................................. 18 B. Brief economic profiles ................................................................................................................................. 21 1. Territory and population .................................................................................................................... 21 2. Economic structure and growth ...................................................................................................... 22 Chapter II Prospects for mutual trade development ...........................................................................................................29 A. Trade patterns: partners ...............................................................................................................................29 B. Trade patterns: sectors .................................................................................................................................. 32 C. The intensity of intraregional trade ........................................................................................................34 D. Trade between Latin America and the Caribbean and the Eurasian Economic Union ............................................................................................................................ 37 E. Prospects for deepening trade relations ............................................................................................. 47 1. Existing restrictions on trade in goods .......................................................................................56 2. Main patterns of trade in services ................................................................................................. 57 Chapter III Prospects for mutual investments ........................................................................................................................... 61 A. Global context .................................................................................................................................................... 61 B. FDI in Latin America and the Caribbean ...............................................................................................63 4 Economic Commission for Latin America and the Caribbean (ECLAC) C. FDI in the Eurasian Economic Union ...................................................................................................... 67 D. Investment relations between EAEU and the LAC region ............................................................ 70 Chapter IV Inclusive and sustainable growth in the two regions: assessments, challenges, opportunities ........................................................................................................................................................................ 79 A. Inclusive growth ............................................................................................................................................... 80 1. Economic development ...................................................................................................................... 84 2. Living conditions .....................................................................................................................................85 3. Inequality .................................................................................................................................................... 87 B. Environmental sustainability of economic growth: the evidence from addressing climate change ............................................................................................................. 89 Chapter V Prospects for cooperation .....................................................................................................................93 A. Supporting the multilateral system in the face of COVID-19 ..................................................... 93 B. Trade expansion ............................................................................................................................................... 96 C. Building joint value chains ......................................................................................................................... 98 D. Energy sector ..................................................................................................................................................... 98 1. Traditional energy ................................................................................................................................. 98 2. Renewable energy ................................................................................................................................. 99 E. Exchange of regulatory experience ....................................................................................................... 101 F. Exchange of experience in the field of regional integration ................................................... 101 G. Science and technology .............................................................................................................................. 101 H. Tourism ............................................................................................................................................................... 102 Bibliography ........................................................................................................................................................................ 105 Annex List of examples of interregional FDI .................................................................................................................. 109 Tables Table I.1 Free Trade Agreements between countries in Latin America and the Caribbean, by date of taking effect .......................................................................... 13 Table I.2 FTAs between countries in Latin America and the Caribbean and countries elsewhere, by effective date .........................................................................
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