Latin American ambassadors discuss benefits of free trade

Several ambassadors from Latin American Countries held a discussion at the Heritage Foundation to discuss the advancement free trade, liberty and prosperity in the Western hemisphere.

Ambassador Tomas Duenas of Costa Rica spoke about the dramatic positive effect that free trade had had in Central America, and warned of the implications if trade barriers increased. He recounted that the United States instituted policies of protectionism during the Great Depression, which caused other countries to respond with their own protectionist policies and ended up harming the entire world’s economy. “We must work together then to avoid falling into a similar situation,” said Duenas, “in difficult times some groups could find it politically attractive to follow that extremely detrimental path.”

Other ambassadors expanded on the dramatic economic effects that their countries have experienced as a result of more open trade with the United States. Ambassador Federico Humbert of Panama discussed how his country has seen growth for 23 straight quarters, and that 75 percent of Panama’s cargo goes to or from the US.

Ambassador Mariano Fernandez Amunategui of Chile spoke about how his country exported $8.7 billion and imported $7.2 billion worth of goods with the US, making Chile a larger US importer than Russia, Indonesia, Pakistan, Argentina and Turkey.

Mexican Ambassador Arturo Sarukhan spoke about the mutual benefits that have resulted from free trade between Mexico and the United States. “Twenty-five million new jobs have been created in America, in the United States, since NAFTA was approved,” said Sarukhan, “…this is a success story.”