Economic News in Latin America

Updates in Latin America key markets

Peru hosts the largest mining convention of the world: Perumin 33rd Mining Convention


The event that has positioned Peru as the world mining industry meeting point will take place from September 18 to 22. PERUMIN 33 MINING CONVENTION will host more than 125,000 businessmen and mining professionals from more than 50 countries. In this opportunity, PERUMIN aims to highlight the socio-environmental side, as well as the technical side of the mining industry.

Advances towards an Agreement between Mercosur and the Pacific Alliance


Since over a year, steps have been taken towards a convergence between the Mercosur and the AP. This agreement would mean easier trade for European SMEs that establish a base in any of the countries that are members of the two blocks, as it would facilitate easier exports from there to the rest of the Latam region.

Brazilian Government eliminates import tax


The Brazilian Government eliminates import tax on nearly 5,000 machines and equipment. With the measure, 4,903 equipment with an import tax of 2% will be adjusted to 0% without retroactive effects.

Colombia’s congress ratifies The Paris Climate Agreement


Colombian President Juan Manuel Santos in April 2016, commits the country to take whatever actions might be necessary to ensure that global temperatures do not rise by an average of more than 2°C in the coming decades. To achieve this goal, Colombia undertook to cut its emissions by 20%, compared to the projected figure for 2030.

Opportunities for IT European companies in Mexico


The state of Guanajuato, being one of the most important for the development of the automotive industry, has announced it will take measures to support the IT sector. The automotive companies and their satellite enterprises located in Guanajuato invest in IT an average of 71.752 euros each year. This represents an unsatisfied demand in the local market representing an opportunity for the European companies.

Chile facilitates the arrival of overseas professionals and technicians for the technology sector


Visa Tech is a public-private initiative to streamline the processing of work visas for professionals and technicians in the technology sector. By reducing the time required for their hiring, the initiative provides support for entrepreneurship and productivity in technology services companies in Chile.

Brazil Initiates Process to Join the OECD


The government presented to the Secretary General of the OECD a request to kick-start the process of Brazil’s accession. Brazil's accession to the OECD gained momentum with the start of President Michel Temer's government. The entry of Brazil to the "club" of the main countries of the world is seen, for example, as a way to increase the confidence of foreign investors in Brazil.

Direct flights between Europe and Costa Rica’s capital present new business opportunities


Either for tourism, new business opportunities through investment or trade, the new direct flights from Europe have changed the landscape of travel to Costa Rica. In just two years the country went from one to eight European airlines flying directly to San José, Costa Rica’s capital.

More business opportunities in renewable energies in Argentina


Argentina estimates that 20GW of new capacities will be required over the next decade, corresponding to a total investment of US$36bn in power generation and transmission projects.

Changes on taxes in Brazil


Brazil's President Michel Temer continues to push the Fiscal Reform in Brazil, which according to Doing Business report 2016, accounts for more than 60 different taxes.

Chile and European Union address challenges and prospects facing future modernization of the Association Agreement


Modernization of the Chile-EU Association Agreement and the new challenges for both negotiating parties.

The legalization of medicinal marijuana creates great opportunities in Colombia


Colombia's Congress adopted last year the Law 1787 of 2016 that legalizes the marijuana for medicinal and scientific purposes.

Costa Rica's renewable energy investment projects stand out in Central America


Costa Rican renewable energy projects will most likely stand within the Central American region at the Energy Congress to be held from August 23 to 25, 2017 in El Salvador.

Fourth Round of Negotiations for the Modernization of the Free Trade Agreement between the European Union and Mexico


From June 26 to 30th, the fourth round of negotiations for the modernization of the Free Trade Agreement with the European Union and Mexico took place in Mexico City.

New regulation on labelling and advertising of milk and dairy products in Peru


New labelling rules and restrictions on the advertising of milk and dairy products for human consumption. It will come in force in the next six months.

Forum of private sector reflection on the Agreement EU-Mercosur


On May 30th the Eurocámara of Argentina, organized a Forum with the private sector of Mercosur to reflect on the Free Trade Agreement Mercosur-European Union.

Solar energy: the next promising sector in Brazil


Solar energy should be the new sector of opportunities in Brazil in the coming months.

Opportunities in the lithium sector in Chile


Chile owns 54% of the world's lithium reserves, about one-third of the global lithium supply, according to the US Geological Service.

Colombian Congress issued a law that eliminates the discriminatory tax system between imported and domestic alcoholic beverages


Previous to the Law 1816, EU spirits were subject to higher taxes and local charges than those applied to local brands.

Alliances between UE and Costa Rica


Visits aimed to strengthen relations and alliances that Costa Rica and Central America have with the European Union.

European products will benefit from new sanitary and technical import procedures in Peru


New laws eliminate sanitary registration for industrialize foodstuff products.

Eurocámaras in ELANBiz countries


During the month of May 2017, ELANBiz launched the itinerant workshop "Strengthening the Eurocámaras" in Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico and Peru".

Argentina's inflation rate, some conclusions of the Davos Forum, World Economic Council


An issue of special interest for businesspeople that considers doing business with Argentina is its very high rate of inflation.

Gecex Confirms Tariff Reductions in Brazil


The Executive Committee of the Foreign Trade Chamber (Gecex) published in Brazil's Federal Register tariffs reduction for several products.

Chile will position as the third largest supplier of hazelnuts in the world


The opportunities that Chile has regarding hazelnut are sustained in the 5% annual growth in demand for this fruit.

New tax reform in Colombia, approved on December 2016


Congress approved the long-awaited tax reform that aims to bolster tax revenues and allow the country to retain its credit rating despite the collapse of revenues from the oil sector.

Impact of the global economic forecast in 2017 on some of Costa Rica's key sectors


Despite the vulnerability and the rising possibility of some indicators, Costa Rica still stands as a healthy growing economy in Latin America.

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