A. M. 
Courtesy
For the remainder of 2024, Latin America’s international trade faces several challenges and opportunities according to the World Trade Organization (WTO). Projections indicate that world trade will grow by 3.3% in 2024, which could boost the region’s exports. However, there is a need to diversify and sophisticate the export basket to reduce dependence on raw materials.
Regional integration and trade facilitation are key areas for improving competitiveness. The WTO emphasizes the importance of implementing policies that promote the digitalization of trade procedures and the adoption of efficient technologies. It also recommends strengthening regional cooperation to reduce vulnerability to the uncertainties of global trade.
In terms of sustainability, the WTO advocates policies that promote “green” trade and integrated environmental governance, such as environmental pricing and taxation systems and subsidies for green activities. These measures seek to encourage greater adoption of sustainable technologies and improve environmental standards in production.
The WTO sees a mixed picture for trade in Latin America in 2024, with significant opportunities for diversification and sustainability, but also the need to address structural and regional integration challenges.
