A recently published report in the Latin Business Chronicle highlights the fact that cross-border trade among Latin American countries has grown significantly in the recent past. Imports, exports and mergers among Latin American countries that were unthinkable a decade ago have begun to play a key role in the business environment in that region. And although several economies in Latin America are complementary (i.e., they compete with one another), new alliances and trade agreements within Latin America have recently surfaced.
Jorge Alberto, a professor of international trade in Colombia, supports this increased regional trade and suggests that mass media has historically played a big role in drawing the attention of local business people away from neighboring markets towards trade with developed countries in Europe and the U.S. While increased trade within the Latin American countries will lead to further development of the region and increase jobs, how this will impact the developed nations is to be determined. And with $1.2 trillion dollars in annual foreign trade, the importance Latin America in progress towards globalization cannot be undermined.