The final declaration, the signing of which logically closed the event, provides an understanding of how Latin America assesses the crisis in the global economy and its consequences for the countries of the region, and also describes ways to overcome the negative trends. .
For example, the reasons for the rise in prices in the summit countries included, among others, extra-regional military conflicts, a slow recovery of production after the effects of the COVID-19 pandemic, a large external debt (which particularly affects low- and middle-income countries), as well as climatic and natural disasters. Of particular note is the mention of the negative impact of “unilateral restrictive measures contrary to international law which affect certain countries”.
In this regard, Latin Americans consider it necessary to have “a fairer, more democratic and inclusive international financial system”. It is to the creation of this type of interaction that the decisions adopted have been devoted. The countries have agreed to determine exactly what each can do to facilitate and increase trade between them. The main idea is to reduce the final prices of commodities and market basket products for the poorest and most vulnerable segments of the population.
To coordinate efforts, it was decided to create a technical working group that will develop specific steps. Such as the reduction of customs duties and the removal of overly rigid sanitary and phytosanitary barriers, as well as the establishment of logistics.
In addition, it was decided to make joint efforts to facilitate participants’ access to international loans, as well as to increase financing for agricultural, agro-industrial and infrastructure projects.
Other countries in the region have been invited to join Argentina, Belize, Bolivia, Brazil, Venezuela, Honduras, Colombia, Cuba, Chile and Saint Vincent and the Grenadines participating in the first summit .
Already on May 6 and 7 in Mexico, in the resort town of Cancun, a working meeting will be held with representatives of the business community, as well as the authorities of the participating countries.
Further prospects for transforming the last summit into a genuine integration group will largely depend not on economic necessity, but on the political situation. More recently, the turnout at an event by former “right-wing” presidents of Brazil, Jair Bolsonaro and Colombia, Ivan Duque, as well as “leftists” from Venezuela, seemed incredible. But the pendulum in the region has swung “to the left”: the governments of the vast majority of Latin American states are now more or less inclined towards socialism. This is what allows them to find points of interaction. Apparently, the duration of this political alignment in the region, as well as the effectiveness of the measures taken during this period, will determine the future of the first anti-inflationary summit.
