After the unemployment rate in the United States fell from 15% to 8% between April and August, it became evident that at the beginning of the crisis the capacity of recovery that the North American country could develop was underestimated and it is expected that this behavior could boost the economic activity in Central America.
During the first half of 2020, when the first cases of covid-19 began to be reported in the region, forecasts noted that the recovery of economic activity would be excessively slow, due to a significant drop in consumption globally.
During the first five months of the year, exports totaled $1.145 million, 10% less than in the same period in 2018, and export destinations also declined in the period concerned.
According to data from the Centro de Trámites de Exportaciones (Cetrex), between January and May 2018 and the same period in 2019, foreign sales decreased by $134 million, going from $1.279 million to $1.145 million.
Seven years after diplomatic ties broke, Costa Rica is Taiwan's main trading partner in the region, with $644 million traded in 2013.
It seems that maintaining healthy diplomatic and political relations between governments is not always necessary for trade between two nations to prosper. One example is the bilateral trade between Taiwan and Costa Rica, which despite the fact that it is the only country in Central America to have broken political links with the Asian island, remains its main trading partner in the region.
Private entrepreneurs and economic analysts say that countries in the region are still working in isolation, despite trade agreements.
"Every country does its own thing in order to grow, but we must begin to see ourselves as a unified block because we do not have the ability to compete alone. We must unite regionally" said the manager of the economic section of the Salvadoran Foundation for Economic and Social Development (Fusades), Álvaro Trigueros.
Companies that do business with British companies will also be monitored by their authorities, who are virtually expanding their jurisdiction in the fight against bribery.
The enactment of the Bribes and Corruption Law in the UK involves monitoring the behaviour of British companies worldwide.
The concept also extends to companies who conduct business with British companies, in a true extension of jurisdiction in the fight against bribery.
CEOs and senior executives have pledged to expand trade and investment in view of the global economic slowdown.
Central America and the Caribbean together represent a market of approximately 56 million people. According to the Secretary General Albert Ramdin, it is time to exploit all business opportunities and implement specific initiatives to expand trade and investment between both regions.