Home / Knowledge / News / IDB, World Bank hail Americas free trade initiative
IDB, World Bank hail Americas free trade initiative
Oct '08
The World Bank and Inter-American Development Bank (IDB) welcomed an initiative launched by 12 countries in the Americas to promote free trade in the Western Hemisphere.

The “Pathways to Prosperity Initiative” was announced Thursday after leaders from Canada, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Mexico, Panama, Peru and the United States met in New York.

IDB President Luis Alberto Moreno and World Bank Group President Robert B. Zoellick hailed the initiative as a timely effort to defend Latin America's hard-earned economic gains in the face of global financial instability. Trade has been a powerful tool for growth in this region, which has often relied on exports to recover from past crises.

“I welcome this initiative because trade can play an important role in overcoming poverty,” said Zoellick. “With the Doha global trade negotiations stalled, it is more important than ever that countries press on with trade liberalization.”

“This is not the time to recoil from trade liberalization but to deepen our economic integration,” Moreno said. “The ratification of the free trade agreements between the United States, Colombia and Panama would be an important step in the right direction.”

Under the initiative, countries will cooperate on building an open architecture for regional trade consistent with the global trading system, increasing opportunities for their citizens to benefit from expanded trade, exchanging best practices on labor and environmental standards and enforcement, and engaging the private sector and civil society to advance these goals.

Moreno and Zoellick noted that in the last decade Western Hemisphere countries have reached more than 30 comprehensive trade agreements with partners around the world, opening new markets and business opportunities for their companies, generating new jobs for their workers and boosting their economic competitiveness.

Trade has also led to closer regional integration, building trust among neighbors and stronger networks of stakeholders who share common goals of prosperity, they added. As a result, Latin American countries are cooperating more intensely on a range of cross-border issues, from infrastructure to environmental protection to security.

“At the IDB, we take this to heart,” Moreno said. “We are heavily invested in promoting trade and economic integration, providing assistance to Latin American and Caribbean countries in the implementation of new trade agreements and enhancing their capabilities in key areas such as trade facilitation, export promotion, and economic competitiveness. But these efforts must be underpinned with a political will to bring down trade barriers. No time is more appropriate than this time of turbulence to marshal the necessary will.”

“The World Bank Group is fast expanding its trade facilitation services, and we can do so in concert with regional groups,” said Zoellick. “We offer Trade and Transport Facilitation audits and Port Modernization tool kits. We can make multilateral trade work better by sharing practical experience of cutting costs and increasing efficiency. We can help countries simplify and harmonize procedures and documentation across a supply chain.”

Inter-American Development Bank

Must ReadView All

Apparel/Garments | On 21st Oct 2016

China’s garment retail sales grow 7.2% in Jan-Sept ’16

Retail sales of garments, footwear, hats and knitwear of Chinese...

Mike Preston, executive director of the Arkansas Economic Development Commission (AEDC), signing MoU with Tang from Suzhou Tianyuan Garments company. Courtesy: Government of Arkansas

Apparel/Garments | On 21st Oct 2016

Suzhou Tianyuan to open $20 mn garment factory in US

Suzhou Tianyuan Garments company, a Chinese manufacturer of casual...

Textiles | On 21st Oct 2016

Pakistan’s textile exports fall 5.96% y-o-y in Q1 FY17

The value of textile and garment exports made by Pakistan decreased...

Interviews View All

Evelyne Cholet

‘France had a reputation of being big in new ideas, but poor in marketing...

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Amrit Sethia

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search