ASEAN countries eye Latin American markets

JAKARTA, Oct. 12 (Xinhua) -- With the decreasing trades to the United States and European Union countries due to the ongoing crisis, ASEAN (Association of Southeast Asian Nations) countries are now eyeing Latin American markets to sell their products, a senior official at the ASEAN Secretariat office said here on Monday.

Deputy Secretary General of ASEAN for ASEAN Economic Community Sundram Puspanathan said Latin America is a promising new emerging economy region that promises lucrative markets for ASEAN products.

"Trade between ASEAN and Latin American countries has been demonstrating significant growth. Trade value between the two economies showed tremendous growth, reached 24 billion U.S. dollars from 2006 - 2007 with a growth of 200 percent in that period, with surplus went to ASEAN countries," Sundram told a press conference after opening a workshop on ASEAN - Latin America economic relations prospects here.

According to the ASEAN Secretary General Deputy, Brazil and Mexico have been the frontrunner of Latin American countries involved in trade with ASEAN countries.

Sundram added ministerial level talks between countries of the two regions had been conducted several times aimed at boosting trade between them with the last one held in August this year.

If possible, he said that ASEAN is looking forward to establish bilateral free trade pact with Latin American countries. Chile and Singapore had already set up bilateral trade relationship, he added.

With an IT advancement and enhanced cargo transportation system, Sundram said that long distance between the two regions is no longer an issue.

As of now, ASEAN countries exported agriculture, footwear and sugar products to Latin American countries. They received alcohol, fertilizer from their Latin American counterparts, Sundram said.

Besides trade relationship, in short term, ASEAN countries also expect to step up business relationship in tourism and investments sectors, Sundram pointed out.

A unit of the Asian Development Bank, the Inter-American Development Bank, would provide full support for ASEAN businessmen who are willing to boost up their export to Latin American countries.