Guatemala Targets Arab Market Presence, Boosts Trade Ties At WTO's MC13

In a recent statement to the Emirates News Agency (WAM) during the World Trade Organisation's (WTO) Ministerial Conference (MC13) in Abu Dhabi, Guatemala's Deputy Minister for Integration and Foreign Trade, Hector Marroquín, outlined Guatemala's strategic intentions to forge stronger trade relationships, particularly focusing on the Arab region. Marroquín underscored the significance of Guatemala's exports to the United Arab Emirates (UAE), which are predominantly cardamom, contributing approximately $89 million annually to the nation's economy.

Marroquín highlighted the critical role these exports play not only in Guatemala's economy but also in the social fabric of the country, particularly concerning the cultivation aspects. He pointed out the potential for growth by diversifying exports to include high-demand products like speciality coffee and shrimp. The Deputy Minister also shed light on Guatemala's initiative to develop a specific investment portfolio aimed at enhancing infrastructure, which is deemed essential for the country's growth and development.

With an eye on expanding Guatemala's presence in global markets, Marroquín emphasized the UAE's expertise in infrastructure projects, including those in Latin America, as a model for potential collaboration. He noted agriculture as a cornerstone of Guatemala's economy, with the country being a leading exporter of coffee, sugar, cardamom, as well as various fruits and vegetables.

The Deputy Minister also touched upon significant progress in international agreements, such as the Fisheries Subsidies agreement aimed at protecting artisanal fishing communities in Guatemala. Furthermore, he discussed the importance of e-commerce agreements for Guatemala, especially in light of the COVID-19 pandemic which saw many young entrepreneurs turning to technology and online business models.

Marroquín stressed the necessity of reactivating the WTO's appeals body as a vital mechanism for resolving trade disputes. He concluded by emphasizing his government's commitment to enhancing regional trade and fostering a more inclusive economic system that provides greater opportunities for indigenous entrepreneurs and women-led groups and associations.

This strategic direction not only aims at boosting Guatemala's economic footprint globally but also at ensuring that trade development is inclusive and sustainable, benefiting a broad spectrum of society.

With inputs from WAM