The Inter-American Development Bank (IADB) and the Asian Development Bank (ADB) have signed an agreement to work more closely on trade facilitation projects. They will also cooperate on climate change issues and promote sustainable low-carbon transport within their regions.
The agreement was signed by IADB president Luis Alberto Moreno and ADB president Haruhiko Kuroda in Tokyo this week, ahead of a series of meetings between ministers and leaders of the 21 Pacific Rim members of the Asia Pacific Economic Cooperation (APEC) that is taking place in Singapore.
IADB’s Moreno comments: ““There’s enormous interest in Latin America and the Caribbean to build closer ties with Asia and the Pacific. Strengthening our partnership with ADB is an excellent way to help our member countries achieve that goal.”
Kuroda at the ADB adds:“As the world economic order gradually takes on a new shape and structure, it is important that our two regions increase cooperation; reduce barriers to trade, investment, and finance; and work together to promote financial stability along with regional and global public goods.”
The two regions roughly constitute a quarter of the global economy. Interregional trade exceeded US$300bn in 2008, but economic links between the regions are still thought to be relatively weak and not diversified enough.
Last Updated November 12, 2009
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