Peru's president emphasizes value of Latin American markets to U.S.

Omar Bonilla

LIMA, Peru - After taking part in the Summit of the Americas in Port of Spain, Trinidad, Peru's President Alan Garcia highlighted Latin America's importance as a market for U.S. goods. He told El Comercio that the United States should realise that the Latin American market can be of enormous importance in helping the U.S. grow its economy during this global economic downturn.

Garcia - whose country's free trade agreement with the U.S. was signed in 2005 and came into effect in February this year - said he asked President Obama lightheartedly at the summit to "get his country's economic growth rate back on track as soon as possible, because it's the greatest favour he can do for Latin America". Latin America needs the U.S. economy to do well and help the region grow too.

According to Radio Programas del Perú, Garcia also said that, instead of looking north for trade opportunities, Obama should start looking south where there is "a continent of 500 million people, whose purchasing power is, on average, three times greater than that of their Chinese counterparts".

Touching on the U.S. immigration issue, Garcia described it as essentially a Latin American phenomenon in which tens of millions of immigrants from the region are living in the U.S. and making a contribution to its economy.

Garcia also confirmed that he had suggested to Obama that the decision to recapitalise the Inter-American Development Bank be brought forward so as to cushion the impact of the international crisis on the region. He stressed, however, that he realised the decision was not Obama's exclusive prerogative.

"It's a decision," Garcia said, "that would cost the United States very little. We're talking about a contribution of US$1.5 billion from the United States for the next five years ... Unfortunately, this decision is not the president's to take. It has to be voted on and authorised by the U.S. Congress".

Source; http://infosurhoy.com

<< back to Company News