During the World Trade Organisation’s (WTO) Ministerial Conference in Abu Dhabi, Guatemala’s deputy minister for integration and foreign trade, Hector Marroquín, unveiled the country’s strategic vision to broaden its trade horizons and strengthen economic ties, particularly within the Arab region. Guatemala, known for its significant exports including the world’s leading cardamom supply, aims to diversify its export portfolio while exploring infrastructure investments with Emirati counterparts.
Expanding Guatemala’s Export Portfolio
Guatemala’s economic landscape is heavily influenced by its agricultural sector, with cardamom exports to the UAE alone amounting to approximately $89 million annually. Marroquín, speaking to the Emirates News Agency (WAM), underscored the economic and social benefits derived from such exports. However, recognizing the potential for growth, he emphasized the need to expand the export spectrum to include specialty coffee and shrimp among other products. This diversification strategy not only aims to enhance Guatemala’s presence in international markets but also seeks to capitalize on the growing demand for these products globally.
Seeking Infrastructure Investments
Marroquín highlighted Guatemala’s initiative to develop a specific investment portfolio, focusing on crucial infrastructure projects, to present to UAE partners. Acknowledging the UAE’s expertise and investments in infrastructure across Latin America, he conveyed the importance of such collaborations for Guatemala’s economic development. The discussions around infrastructure investments are seen as pivotal for improving Guatemala’s access to global markets, particularly in agriculture where the country shines as a leading exporter of key commodities.
Advancing Global and Regional Trade Relations
On the global stage, Marroquín shed light on significant progress in the Fisheries Subsidies agreement, aiming to protect artisanal fishing vital for coastal communities’ livelihoods in Guatemala. Furthermore, the deputy minister expressed optimism about agreements related to e-commerce, highlighting the potential benefits of extending the moratorium on customs duties on electronic transactions. This extension could empower Guatemalan youth and entrepreneurs, especially those who turned to e-commerce amidst the COVID-19 pandemic, by providing them with a fairer chance to thrive in the market. Marroquín also stressed the importance of reactivating the WTO’s appeals body, which serves as a crucial mechanism for settling trade disputes.
At the regional level, Guatemala’s commitment to enhancing trade with existing partners through various mechanisms was emphasized, alongside efforts to foster a more inclusive economic system. By increasing involvement of indigenous entrepreneurs and women-led groups and associations, the country aims to build a more equitable and diverse economic landscape.
As Guatemala embarks on this ambitious journey to expand its trade and investment frontiers, the partnership with the UAE emerges as a key component of its strategy. Through these initiatives, Guatemala not only seeks to elevate its economic profile on the global stage but also aims to foster sustainable development and inclusive growth within its borders.