Global Value Chains and World Trade
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Global Value Chains and World Trade

Prospects and Challenges for Latin America

The analysis of how Latin American and Caribbean economies participate in different segments of GVCs is at the heart of the current work agenda of the Economic Commission for Latin America and the Caribbean, which focuses on how structural change and productivity gains can promote economic development with equality. This volume builds on the relevant literature and suggests that the movement of firms to higher value added activities in GVCs requires them to step up their innovation efforts and develop new products and processes. Success in improving market shares and value added will depend, however, on which firms innovate most. Hence, innovation is a necessary but insufficient for increasing value added and market shares. Evidence suggests that since the 2008 economic crisis, the participation of Latin America and the Caribbean in global production networks has increased.

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Value chains in Colombian exports to the European Union: How inclusive are they? You do not have access to this content

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In recent years, Colombia has stepped up its efforts to internationalize its economy. Illustrations of this include the negotiation of a network of (partial) free trade agreements (FTAs) with countries in the region (such as Costa Rica in 2013, and Chile, Mexico and Peru in 2014) and with countries outside the region: Canada and the United States and, more recently (June 2012), the European Union. These agreements generate new opportunities in the Colombian economy, in particular in export-intensive sectors and other firms that sell inputs to these sectors. However, few studies have estimated how great these benefits may be.