José Antonio Ocampo affirms that Latin America must move forward in regional cooperation to overcome the economic crisis

José Antonio Ocampo affirms that Latin America must move forward in regional cooperation to overcome the economic crisis

Finance Minister José Antonio Ocampo.  PHOTO: Ministry of Finance
Finance Minister José Antonio Ocampo. PHOTO: Ministry of Finance

Minister of Finance, José Antonio Ocampoadvocated the need to strengthen regional cooperation that would benefit the countries of the region. He did this in his participation in the thirty-ninth session of the Economic Commission for Latin America and the Caribbean (ECLAC) in Buenos Aires (Argentina).

According to Ocampo, it is necessary to strengthen cooperation, which will translate into benefits for the populationand ECLAC can contribute to this process due to its work on previous integration processes.

“I think it’s an issue with a very broad agenda. I’d like to highlight trade, value chains and regulation, but I’ll make a longer list: regional financing instruments, science and technology, and tax cooperation.”

With regard to financing instruments, a large example, Latin American Development Bank (CAF)This is successful and well-managed in supporting a large number of productive development projects, but progress needs to be made in strengthening the Reserve Fund of Latin America, including Mexico, Brazil or Argentina, so that it will be a truly monetary fund that allows countries for this region. they finance themselves.

“Latin America practically does not cooperate in science and technology. The European model, where there are truly regional projects in this area, does not exist in Latin America and is an opportunity to carry out joint projects. For example, there is a great opportunity in the field of medicine,” he said.

Similarly, he stated In order to avoid paying taxes, a Latin American tax cooperation agreement is needed that has a greater role in preventing the flight of capital to tax havens.will require greater support from the United Nations Organization in order to provide further support.

“This whole issue of tax cooperation, both globally and regionally, is particularly important in a world where tax evasion is a central issue on the agenda,” he said.

The minister was part of a high-level panel along with the Nobel Prize in Economics Joseph StiglitzProfessor at University College London (UCL) Mariana Mazzucato and the Secretary-General of the United Nations Conference on Trade and Development (Unctad), Rebecca GrinspanCommenting on ECLAC’s position paper “Toward the transformation of the development model in Latin America and the Caribbean: production, inclusion and sustainability” .

Finance Minister José Antonio Ocampo at the thirty-ninth session of the Economic Commission for Latin America and the Caribbean (ECLAC).  PHOTO: YouTube
Finance Minister José Antonio Ocampo at the thirty-ninth session of the Economic Commission for Latin America and the Caribbean (ECLAC). PHOTO: YouTube

Minister Ocampo also noted the challenges facing the region right now, especially Interest rates and devaluation of Latin American currencies against the dollar, he said, that financing for the region is becoming more expensive. In this context, he emphasized the critical importance of multilateral development banks as a financing mechanism for these economies.

“Against this, I support two of Professor Stiglitz’s ideas: a new issue of the International Monetary Fund’s (IMF) Special Drawing Rights (SDR) and the establishment of a debt negotiation mechanism institutionally to support this complex situation. “It is a heterogeneous mechanism that analyzes on a case-by-case basis for countries to enter voluntarily,” Ocampo said.

Finally, the minister thanked Stiglitz, Nobel laureate in Economics, for his support of tax reform, which is currently underway at the Republican Congress and has already passed an initial debate.

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