Latin America Commits to Open Trade After Protectionist Year

Monday, January 28th, 2013

Latin American leaders—who have put in place some of the world’s highest trade barriers—agreed to fight protectionism in a summit with their European Union counterparts this weekend. The Community of Latin American and Caribbean States (CELAC), and the EU signed a joint declaration on 26 January that embraces international trade and respect for legal frameworks. The statement, which isn’t legally binding, comes after a year in which South America’s two largest economies put up new trade barriers in a bid to protect local industries from outside competition.

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