Comparative Perspectives on Trans-Pacific Trade, Integration, and Development

Latin America and the Caribbean (Latin America for short) and Asia and the Pacific (Asia for short) are dynamic and diverse emerging markets in the global economy. Collectively, they constitute a quarter of the global GDP. Both regions hold immense potential for growth, trade, and development; both are also under the pressures of global competition and vulnerable to external shocks such as global economic downturns and volatile capital flows. Both regions are also undertaking the hard work of reducing poverty and inequality, streamlining institutions, fostering private sector competitiveness, and nurturing regional cooperation and integration. Much of the future of Latin America and Asia depends on how they carve their destinies today.