The services sector in Latin American and Caribbean integration

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1 Sistema Económico Latinoamericano y del Caribe Latin American and Caribbean Economic System Sistema Econômico Latino-Americano e do Caribe Système Economique Latinoaméricain et Caribéen The services sector in Latin American and Caribbean integration XXXVIII Regular Meeting of the Latin American Council Caracas, Venezuela 17 al 19 October 2012 SP/CL/XXXVIII.O/Di N 11-12

2 Copyright SELA, October All rights reserved. Printed in the Permanent Secretariat of SELA, Caracas, Venezuela. The Press and Publications Department of the Permanent Secretariat of SELA must authorize reproduction of this document, whether totally or partially, through The Member States and their government institutions may reproduce this document without prior authorization, provided that the source is mentioned and the Secretariat is aware of said reproduction..

3 The services sector in Latin American and Caribbean integration Permanent Secretariat of SELA Caracas, Venezuela March 2012 SP/ Di N 5-12 Intra-regional Relations

4 Copyright SELA, March All rights reserved. Printed in the Permanent Secretariat of SELA, Caracas, Venezuela. The Press and Publications Department of the Permanent Secretariat of SELA must authorise reproduction of this document, whether totally or partially, through The Member States and their government institutions may reproduce this document without prior authorisation, provided that the source is mentioned and the Secretariat is aware of said reproduction.

5 The service sector in Latin American and Caribbean integration SP/Di No.5-12 C O N T E N T S FOREWORD I. INTRODUCTION 3 II. SERVICES IN LATIN AMERICA AND THE CARIBBEAN 4 III. ECONOMIC INTEGRATION 7 IV. ELEMENTS FOR REGIONAL INTEGRATION OF SERVICES 10 A. ECONOMIC INTEGRATION 11 B. TRADE FACILITATION 11 C. BORDER INTEGRATION 12 D. INFRASTRUCTURE AND PRODUCTIVE DEVELOPMENT 12 E. SOCIAL SECURITY 13 V. GUIDELINES FOR A REGIONAL ACTION PLAN ON SERVICES 13 ANNEX 17

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7 The service sector in Latin American and Caribbean integration SP/Di No 5-12 _ F O R E W O R D This document has been prepared in compliance with the Work Programme of SELA for 2012, in particular Activity entitled Preparation of a report on mechanisms and modalities to promote trade among LAC countries. Case studies, approved by the XXXVII Regular Meeting of the Latin American Council of SELA in The document focuses on the services sector, which has been the subject of a thorough analysis by the Permanent Secretariat of SELA since 2009, in its annual report on the integration process, in view of its importance for the economic and social development of Latin America and the Caribbean at all levels and its growing internationalization

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9 The service sector in Latin American and Caribbean integration SP/Di No I. INTRODUCTION Latin America and the Caribbean is a region whose economy relies mainly on the services sector, which impacts the gross domestic product (GDP), foreign trade, foreign direct investment (FDI), remittances, employment and social services. In addition, developing competitiveness and productive diversification basically depends on strengthening and diversifying the services sector. The Report on the Integration Process 2011 of the Permanent Secretariat of SELA says that Latin America and the Caribbean moves slowly towards the creation of a large regional productive and commercial space, where the services sector is of the utmost significance for integration, diversification, international insertion, cooperation and development in the region. 1 For its part, ECLAC states that there is an urgent need for an effort to promote higher levels of innovation and endogenous development of technological capabilities, both in natural resource-related sectors and in manufacturing and services. Stronger differentiation and the incorporation of value added and know-how requires the development of specialized services that allow more value to be generated and captured up and down products value chain (product design, advertising, improved input management, logistics, transport, engineering and consultancy services, insurance and finance, among others). 2 As a result, the regional integration of services represents one of the fundamental pillars for the creation of a Latin American and Caribbean economic space. This process would complement and boost the development achieved in trade in goods and promote the adoption of new institutional and regulatory frameworks at the regional level. Thus, emphasis should be made on its importance and characteristics in the context of a common economic, social and cultural area based on the principles of voluntary participation and flexibility. According to some analysts and high-level government meetings within the framework of Latin American and Caribbean forums, the need for development and international insertion of Latin America and the Caribbean, as well as the need to shield the region from international fluctuations and an eventual international crisis, require deepening the economic and social integration process and its mutual trade and investment flows. 3 1 SELA. Integration of Services in Latin America and the Caribbean. Report on the Integration Process ECLAC. Latin America and the Caribbean in the World Economy, 2010.

10 Permanent Secretariat Intra-regional Relations 4 II. SERVICES IN LATIN AMERICA AND THE CARIBBEAN Due to its share of gross domestic product, the services sector is the main economic activity in the region, which strongly affects the conformation, diversification and modernization of the productive activity and, of course, the generation of employment (Table 1). In the last decade, the shares of the primary and secondary sectors in regional GDP have decreased from 28.7% in 2001 to 25.8% in 2010, while the tertiary sector s share grew from 71.3% in 2001 to 74.2% in TABLE 1 LATIN AMERICA AND THE CARIBBEAN GDP BY ECONOMIC SECTOR US$ billion at 2005 prices - Percentages YEAR VALUE PRIMARY SECONDARY TERTIARY SOURCE: ECLAC. Statistical Yearbook 2011 The tertiary sector s share, which in 2001 was 71.3% of GDP, in the critical years of 2008 and 2009 increased to 73.3% and 74.3%, respectively. This situation confirms a remarkable feature of services, its role as a shock absorber of fluctuations of the economy, since it helps resist crises affecting goods and improves resilience through competitiveness. It is widely known that, in the cases of unemployment, society turns immediately to the services sector. In 2009, the tertiary sector generated 80% of urban employment in Latin America (Table 2), with figures ranging from 75% in Chile and El Salvador to 89% in Panama. Considering that 85% of the Latin American and Caribbean population lives in urban areas, the tertiary sector is by far the economic basis for the generation of employment in the region. This reality is even more evident in the Caribbean, where the services provide more than 90% of GDP.

11 The service sector in Latin American and Caribbean integration SP/Di No TABLE 2 LATIN AMERICA - TOTAL URBAN EMPLOYED POPULATION BY ECONOMIC SECTOR, (Percentage of total urban employed population) Country Agriculture Fishing, Mining Industry Services Agriculture Fishing, Mining Industry Services Agriculture Fishing, Mining Industry Services Argentina Bolivia (P.S.) 1/ Brazil Chile Colombia Costa Rica Ecuador El Salvador Guatemala 1/ Honduras 2/ Mexico Nicaragua Panama Paraguay Peru Dominican Rep Uruguay Venezuela (B. R.) LAC REGION / ECLAC; 2/ 2007 ILO, 2008 ECLAC Source: ILO. Panorama Laboral 2010; ECLAC. Statistical Yearbook 2009 From the US$ 126 billion exported in 2010 by the region (Table 3), the Common Market of the South (MERCOSUR) provided 40%, the Central American integration System (SICA) 3 12%, Mexico 12%, Chile 9%, the Andean Community 8%, CARICOM 7%, Cuba 6%, Dominican Republic 4% and Venezuela 2%. CARICOM and Dominican Republic, comprising the CARIFORUM, altogether generate 11%. Exports from SICA or CARIFORUM are of such magnitude and importance that exceed those from Mexico, although SICA s population reached 42 million people in 2010, CARIFORUM 27 million and Mexico 111 million; they even surpassed by more than US$ 2 billion those from Argentina, a country with 41 million inhabitants and a strong industrial, agricultural and touristic tradition. In 2010, 65% of FDI in Latin America and the Caribbean was conducted through mergers and acquisitions. Around 41% of them took place in the services sector. Benefited service subsectors included telecommunications, finance, trade, infrastructure, transportation, energy, education services, business services, construction and engineering and logistics. A 13% share of these mergers and acquisitions was undertaken by companies in the region, especially from Brazil, Colombia and Mexico. 3 Panama is completing the accession process and therefore is included as member of SICA.

12 Permanent Secretariat Intra-regional Relations 6 TABLE 3 LATIN AMERICA AND THE CARIBBEAN AND THE MAIN WORLD EXPORTERS OF SERVICES US$ billion WORLD European Union United States China, Hong Kong, Macao ASEAN China Japan LATIN AMERICA AND THE CARIBBEAN* EFTA India ALADI South Korea Canada Oceania** MERCOSUR OTHERS FROM ALADI SICA*** CARIFORUM**** CAN CARICOM * ALADI, SICA, CARIFORUM **Australia, New Zealand *** Central American Common Market, Panama **** CARICOM, Dominican Republic Source: UNCTAD. Handbook of Statistics During the last decade, the presence of Latin American and Caribbean transnational corporations (called Translatinas by ECLAC) is being highlighted in the region. The largest companies come from Brazil, Chile, Colombia and Mexico, which operate in services sectors, such as energy, telecommunications, finance, air transport, audiovisual, construction and engineering, real estate and retailing. In 2010, the FDI generated in the region totalled US$ billion, nearly four times the amount reported in 2009 (US$ billion) and higher than the 2008 figure (US$ billion). Among the reasons for this growth are: the need for international expansion as part of its corporate evolution and the use of market conditions for economic integration or the opportunities offered by the economies of the region s countries. This phenomenon also promotes Latin American and Caribbean productive integration and stresses the need to identify and eliminate barriers for its expansion in the region. Remittances originated in the Latin American and Caribbean region are allocated to the region, especially to neighbours of small economic size. These remittances increased from

13 The service sector in Latin American and Caribbean integration SP/Di No more than US$ 2 billion in 2000 to approximately US$ 4.5 billion in In 2011, this figure is estimated to surpass that of the year Brazil, Argentina, the Bolivarian Republic of Venezuela, Jamaica, Costa Rica and Panama generate nearly 80% of remittances in the region. Haiti and the Plurinational State of Bolivia, traditional recipients of remittances, are also major senders, with US$ 135 million and US$ 103 million, respectively, in Five countries provide 10% of remittances, with Bahamas, Colombia and Peru showing a declining trend, while Ecuador and Guyana are growing gradually. From a sectoral perspective (Table 4), the most important activity is tourism (travel), with 41% being reported in Latin America and the Caribbean in 2009, especially in Dominican Republic (83%), Mexico (73%), CARICOM (70%), Uruguay (61%), the Andean Community (52%) and SIECA (43%). Other services predominate in Brazil (66%), Argentina (50%), Paraguay (74%), Guyana (81%), Suriname (71%) and Trinidad and Tobago (73%). Technological modernization and productive diversification of the region promote services to companies. Transport is the most important sector in Panama (56%) and Chile (55%). In 2010, Latin America and the Caribbean received US$ billion of foreign direct investment (FDI), accounting for 10% of global FDI, with a record 43.6% increase compared to 2009 (US$ billion). The most benefited sectors from such investments include software, telecommunications, air transport, finance and some business services outsourced to distant providers. In contrast, the strong links between Mexico and the Caribbean with the United States affected investments in tourism. 7 III. ECONOMIC INTEGRATION The integration of the services sector in Latin America and the Caribbean relies on 51 agreements, 4 21 of them with intra-regional countries and 30 with extra-regional nations and areas. Those signed with regional partners refer to four intra-regional agreements (CAN, CARICOM, SICA and MERCOSUR) and 17 between countries and intraregional blocs. In addition, multiple activities are being developed to provide for the creation of new expanded spaces that could lead to profound convergence of agreements on services in Latin America and the Caribbean, such as the FTA of Mexico with the countries of the Central American Integration System and the Pacific Alliance which was established initially by Chile, Colombia, Mexico and Peru, but will also include Costa Rica and Panama. Table 5 shows a list of the prevailing links in the field of agreements on trade in services among Latin American and Caribbean countries and between them and extra-regional partners, who are in North America (Canada and United States), Europe (European Free Trade Area and European Union), Oceania (Australia) and Asia (China, South Korea, Japan, Singapore and Taiwan). Some agreements are pending ratification. In general, Latin American and Caribbean countries have subscribed international agreements that are deeper than those signed within the framework of the WTO for the liberalization of trade in services (except for the Plurinational State of Bolivia, Cuba and the Bolivarian Republic of Venezuela). 4 Up to October 2011.

14 Permanent Secretariat Intra-regional Relations 8 TABLE 4 LATIN AMERICA AND THE CARIBBEAN EXPORTS OF SERVICES BY REGIONAL BLOCS AND SECTORS Percentages LATIN AMERICA AND THE CARIBBEAN Transport Travel Others CARIFORUM Transport Travel Others CARICOM Transport Travel Others DOMINICAN REP Transport Travel Others SICA* Transport Travel Others ALADI Transport Travel Others CAN Transport Travel Others MERCOSUR Transport Travel Others OTHERS FROM ALADI Transport Travel Others * Central American Common Market and Panama. SOURCE: ECLAC. Statistical Yearbook UNCTAD. Handbook of Statistics 2010 for Cuba, Haiti, Peru and Trinidad and Tobago

15 The service sector in Latin American and Caribbean integration SP/Di No The search for convergence of agreements is an objective being considered by ALADI and the Pacific Arc, and should be aimed at the Latin American and Caribbean region, in order to generate greater involvement of intra-regional trade in total trade and promote production linkages. In addition, according to the Annex, the agreements on trade in services include important disciplines and work programmes related to the sector. Although they were adopted at the bilateral or subregional levels, their implementation relies on a general application policy. TABLE 5 LAC: AGREEMENTS ON TRADE IN SERVICES WITH INTRA-REGIONAL AND EXTRA-REGIONAL COUNTRIES AND AREAS September 2011 CUSTOMS UNIONS INTRA-REGIONAL PARTNERS AND COUNTRIES SUBREGIONS Andean Community CAN Caribbean Community Costa Rica, Dominican Republic European Union (1) (CARICOM) Central American Panama, Dominican Republic, Chile Integration System (SICA) Common Market of the Chile South (MERCOSUR) COUNTRIES Costa Rica CARICOM, Mexico, Peru Korea Northern Triangle (El Colombia, Mexico Taiwan Salvador, Guatemala and Honduras) EXTRA-REGIONAL PARTNERS United States, (2) European Union, (3) Canada Nicaragua Mexico Taiwan Panama Chile, Peru United States, Singapore, Taiwan, European Union Dominican Republic CARICOM, Central America United States, European Union Uruguay Colombia Mexico Chile, MERCOSUR, Mexico, Northern Triangle European Free Trade Association, Canada, United States, European Union Peru Chile, Costa Rica, Panama Canada, China, Korea, United States, Singapore, European Union Chile Mexico (1) (2) (3) Central America, Colombia, MERCOSUR, Mexico, Panama, Peru Chile, Colombia, Costa Rica, Nicaragua, Northern Triangle, Uruguay CARIFORUM (CARICOM and Dominican Republic) European Union. CAFTA-RD United States. Central America (CACM and Panama) European Union. European Free Trade Association, Australia, Canada, South Korea, United States, Japan, Trans-Pacific, European Union European Free Trade Association, Canada, United States, Japan, European Union 9

16 Permanent Secretariat Intra-regional Relations 10 IV. ELEMENTS FOR REGIONAL INTEGRATION OF SERVICES The regional market of services counts on different mechanisms, including its incorporation into the processes of production, manufacture and distribution of goods for export, as well as the processes of logistics and export of services. Trade liberalization in the markets of goods and services, opening-up to foreign investment, infrastructure development, transport and communications services, as well as and facilitation of flows of human resources, are all elements that promote trade and investment in the services sector. In addition, all social security activities require the provision of multiple servicerelated activities: health, education, culture, security, etc. The share of Latin American intra-regional trade in total trade ranges from 17% to 28%, depending on the methodology used for its calculation. However, these figures are quite below those recorded in more developed integration processes namely, the European, Asian and North American ones where this indicator stands above 50%. Thus, Latin America and the Caribbean could take advantage of a broad range of opportunities by reviewing the existing limitations to boost intra-regional trade in goods and, in particular, services. Among such limitations are the lack of funding for trade; deficiencies in physical infrastructure for transport, communications, ports and border crossings; inefficient procedures in migrant border crossings of goods and vehicles; deficiencies in the field of trade facilitation (customs and port procedures); the number of origin, technical and health requirements that should be met by companies under the great variety of trade agreements and the lack of mechanisms for business promotion. However, a significant set of factors gives rise to the statement that the recent dynamism of Latin American and Caribbean intra-regional trade, which largely covers the services sector, will continue in the current decade. These factors include: - The completion of major physical integration works (roads, ports, airports, electric and digital interconnection and border crossings) of Mesoamerica and IIRSA projects, the expansion of the Panama Canal, and the advances made by the countries of the region in this area. - By the end of the decade tariff relief programmes in the area of trade will be completed, thus strengthening the current dynamics of intra-regional exports compared to exports to the rest of the world. - The steadily increasing and more diversified extra-regional and intra-regional investment flows point to all productive sectors, including telecommunications, energy, mining, food, construction, automotive, finance, health, tourism, logistics and transport. - Population growth and improvement in average income have been reported. In short, services are provided within the framework of the various facets of regional development in Latin America and the Caribbean, which can be summarized as follows: - Economic integration - Trade facilitation - Border integration - Infrastructure and productive development - Social Security

17 The service sector in Latin American and Caribbean integration SP/Di No A) ECONOMIC INTEGRATION The economic integration of services is possible through: - Elimination of barriers to access and national treatment. - Commitments by sector, such as transport, communications, finance, tourism, professional services and temporary entry of business persons. - Convergence 5 of agreements in the region. Barriers to access are linked with general policies, such as those related to fiscal, exchange, monetary, foreign trade, foreign investment, immigration, health, education and national security issues, as well as specific sectoral policies (finance, transport, professional services, tourism, health, communications, etc.) Therefore, the removal of barriers and/or its adjustment to the internationally-agreed principles and commitments require the adoption of complementary sectoral and thematic policies. The promotion and protection of investments and trade in goods and services require the creation of mechanisms to facilitate the movement of business persons, including the recognition of diplomas and licences, as well as the adoption of social security instruments, particularly in the area of health and retirement of workers. B) TRADE FACILITATION Assessments of the World Bank s Doing Business and the World Economic Forum s Global Enabling Trade Report show that Latin America and the Caribbean is lagging behind in terms of competitiveness, which limits its capacity to participate in global trade and as a destination for foreign investment. Meanwhile, logistics costs, or costs generated by the distribution of goods and services, range from 9% to 10% of GDP in OECD countries, whereas in Latin America and the Caribbean they reach between 18% and 40%. 6 In this region, the delays in customs generate an increase of 4% to 12% in transportation costs, and border crossings have deficiencies in document processing, information management and control mechanisms. Trade facilitation promotes trade in goods and services and productive integration and makes regional trade more efficient by streamlining procedures involved in passage of goods and movement of vehicles and persons at the borders, maintaining the necessary security standards. Services include many activities related to trade facilitation: Customs and port procedures; logistics; International Trade Single Windows and their interconnection; temporary entry rules for people and vehicles; mutual recognition, equivalence and harmonization of sanitary and technical requirements; package mailing; and international roaming, among others. In general, information and communication 5 Conceptually, convergence could include either the adoption of equivalent arrangements and disciplines by the various agreements in the region, or the creation of subregional blocks, or the expansion of existing ones, including the merger of several bilateral ageements into an expanded agreement among parties with equivalent trade disciplines, as targeted by the Pacific Alliance among Chile, Colombia, Mexico and Peru. Thus, in addition to developing the original agenda of the agreements, a proposal is made to enhance them, so as to deal with new issues and adopt new commitments, while strengthening joint external relations. 6 WORLD BANK, IDB, ECLAC. Cómo Reducir las Brechas de la Integración. Nota de discusión de Políticas. Lima, Peru, 28 May 2010.

18 Permanent Secretariat Intra-regional Relations 12 technologies (ICTs), insurance, banking, laboratories, certification agencies, accounting, market research, packaging, labelling and others are activities that promote business and foreign trade, or make it more efficient and competitive. C) BORDER INTEGRATION Border integration improves quality of life through investments in social services (health, education and basic sanitation) and physical infrastructure, such as power grids, roads, telecommunications, aqueducts, housing, community centres and business centres. Furthermore, the installation of infrastructure and equipment for trade and tourism facilitation is required at border crossings. The modernization of border crossings, the provision of social services and the development of business activities in border areas can be complemented by the integration of services provided in these border regions: Transport and ports, communications, customs procedures, temporary entry of people and vehicles and productive, commercial, infrastructure and social development activities. D) INFRASTRUCTURE AND PRODUCTIVE DEVELOPMENT According to studies by the World Bank, IDB, ECLAC and CAF, the critical situation limiting the deepening and development of the regional integration process in Latin America and the Caribbean is caused by the inadequate transport infrastructure. This has resulted in a number of logistics costs in regional trade. 7 It is estimated that while such costs range from 9% to 10% of GDP in OECD countries, they reach from 18% to 40% 8 in Latin America and the Caribbean. A reduction by 10% in transportation costs in LAC could generate a 21% increase in the value of intra-regional exports. The construction of physical infrastructure encourages intra-regional investments, which are the basis for productive integration and elimination of asymmetries among countries and within them, as well as for social insertion. Since its conception, and throughout its processes of development, use and maintenance, physical infrastructure requires services. In addition, many service activities are actually important production chains: creative industries, tourism, medicine, education (including job skills), environmental services, traditional know-how, sport, culture, social security, housing, etc. E) SOCIAL SECURITY The social security policy par excellence is employment. According to ECLAC, the decline in poverty over the past decade is mainly due to the increase in labour income and, secondly, to public transfers, which are also important. 9 Public spending, and particularly social spending, has reported a significant increase in the last two decades in the region. However, these achievements are threatened by the huge gaps of the productive structure in the region and by labour markets, which generate low-productivity jobs without social protection. 7 Logistics costs are those generated in the process of distribution of goods and services from the production site to the consumer. 8 WORLD BANK, IDB, ECLAC. Cómo Reducir las Brechas de la Integración. Nota de discusión de Políticas. Lima, Peru, 28 May ECLAC. Panorama Social de América Latina Santiago, Chile, November 2011.

19 The service sector in Latin American and Caribbean integration SP/Di No Social welfare policies represent an important incentive for the development and international trade in services: health, education, sports and recreation, housing, public services and social assistance, among others. V. GUIDELINES FOR A REGIONAL ACTION PLAN ON SERVICES The services sector should be the subject of a thorough debate at the regional level among the various parties involved, namely: the national authorities, the private sector and the integration and cooperation organizations. As a whole, the idea would be to project the gradual construction of an economic, commercial and productive process. As part of such objective, it would be worthwhile reviewing other international experiences, such as that of the European Union, which decided to adopt a long-term methodology by starting with relatively simpler activities and commitments to gradually move ahead towards more demanding commitments, in accordance with the possibilities of its member countries and their agreements. In order to analyze the services sector it is necessary to bear in mind that it comprises numerous and quite different subsectors, that are governed by specific policies due to their own special characteristics. At the government level, there is not a forum specialized in services, but the private sector counts on the Latin American Association of Service Exporters, which groups together the national coalitions of various countries specialized in services. However, there are governmental and business forums that could discuss cooperation, consultation and integration actions with a regional scope as regards subjects such as tourism, telecommunications, cultural industries, transport, ports, logistics, and labour, among others. Therefore, a suggestion is made to undertake a regional process of discussion, exchange of experiences and follow-up of actions for development and internationalization of services. In principle, activities such as the following could be conducted: - A regional forum on development and internationalization of services, with the participation of national authorities, regional and international organizations, experts and representatives of the private sector. - Specialized regional forums on integration and convergence. Among the subsectors and issues of interest are: professional services, technical training, the financial sector (insurance, securities, banking, information and supervision), trade, communications, tourism, health, pension funds, housing construction, creative industries, sports, transportation of cargo and passengers (land, air, sea, rivers and lakes; by rail, multimodal), ports, airports, and mail services, among others. 13

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21 The service sector in Latin American and Caribbean integration SP/Di No A N N E X

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23 The service sector in Latin American and Caribbean integration SP/Di No ANNEX LATIN AMERICA AND THE CARIBBEAN INTEGRATION AGREEMENTS ON SERVICES AND INVESTMENT REGION / COUNTRY AGREEMENT / PROVISION VALIDITY SPECIFIC SECTORAL TREATMENT 1. CARICOM 1.1 CARICOM Protocol II, Right of Establishment and Capital Movement; Protocol VI on Transport 1.2 CARICOM - COSTA RICA Chap. IX ; Chap. X on Investment 1.3 CARICOM DOMINICAN REP. Annex II ; Annex III on Investment 1997 Professionals, Air and Sea Transport 2005 (1) Temporary entry 2006 (2) 2001 (3) Commercial financing 2002 (4) 2004 (5) 2005 (6) 1.4 CARIFORUM (7) - EUROPEAN UNION 2.SICA Title II on Investment, Services and Electronic Commerce 2009* (8) Temporary Presence, Professionals, Informatics, Messaging, Financing, Sea Transport, Tourism, Electronic Commerce 2.1 CENTRAL AMERICA Treaty on Investment and Trade in Services. Chaps. 3 and CENTRAL AMERICA - PANAMA Chap. X on Investment; Chap. XI 2002 Professionals, Temporary Entry 2003 (9) 2008 (10) 2009 (11) 2009* (12) Financing, Temporary Entry, Professionals, International Land Transport of Cargo 2.3 CENTRAL AMERICA - DOMINICAN REP. 2.4 CENTRAL AMERICA CHILE 2.5 CENTRAL AMERICA EUROPEAN UNION 2.6 CAFTA-DD UNITED STATES Chap. IX on Investment; Chap. X Services Chap. X on Investment; Chap. XI Services Investment Chap.10 on Investment; Chap (13) 2002 (14) Temporary Entry, Professionals 2002 (15) 2007 (16) 2008 (17) Air Transport, Temporary Entry, Professionals 2011* Temporary Entry, Informatics, Courier, Financing, Sea Transport, Electronic Commerce, Cultural Cooperation 2006 (18) 2007 (19) 2009 (20) Professionals, Financing, Electronic Commerce 2.7 COSTA RICA CANADA COSTA RICA - CHINA Chap. VIII and Investment 2.8 COSTA RICA - MEXICO Chap. IX, Chap. XIII on Investment 2.9 EL SALVADOR - HONDURAS TAIWAN Chap.10 on Investment, Chap GUATEMALA TAIWAN Chap.10 on Investment, Chap Temporary Entry, Electronic Commerce 1995 Professionals, Temporary Entry 2008 Temporary Entry 2006 Temporary Entry, Air Transport, Sea Transport

24 Permanent Secretariat Intra-regional Relations HONDURAS CANADA Investment Services 2.12 NICARAGUA - MEXICO Chap. X, Chap. XVI on Investment 2.13 NICARAGUA - TAIWAN Chap. 9 on Investment, Chap PANAMA - CHILE Chap. 9 on Investment; Chap PANAMA - UNITED STATES Chap.10 on Investment; Chap PANAMA SINGAPORE Chap. 9 on Investment, Chap PANAMA TAIWAN Chap. 10 on Investment, Chap NORTHERN TRIANGLE COLOMBIA 2.19 NORTHERN TRIANGLE - MEXICO 3. MERCOSUR Chap. 12 on Investment, Chap. 13 Chap. X, Chap. XIV on Investment 2011* 1998 Professional Services, Land Transport, Temporary Entry, Financing 2007 Financing, Electronic Commerce, Temporary Entry * Financing, Electronic Commerce 2006 Financing, 2004 Financing, Temporary Entry 2009 (21) Electronic Commerce, 2010 (22) Temporary Entry 2001 Professionals, Land Transport, Temporary Entry, Financing 3.1 MERCOSUR Protocol of Montevideo 1997 Land and Multi-modal Transport, Movement of Persons, Professionals, Tourism, Financing, Cultural Cooperation, Energy 3.2 MERCOSUR - CHILE Protocol to AAP.CE Professionals 3.3 MERCOSUR - COLOMBIA Protocol to AAP.CE 59 Professionals 3.4 URUGUAY - MEXICO AAP.CE 60, Chap. 10 on Services, Chap. 13 on Investment 4. ANDEAN COMMUNITY 4.1 ANDEAN COMMUNITY (CAN) 2004 Professionals, Temporary Entry Decisions 439, 510, 659, Air, Land and Sea Transport, Tourism, Movement of Persons 4.2 COLOMBIA - CHILE Protocol to ACE 24, Chap. 9 on Investment, Chap COLOMBIA - MEXICO ACE 33, Chap. X, Chap. XVII on Investment 4.4 PERU - CHILE, PERU - PANAMA, PERU - COSTA RICA, PERU - KOREA Protocol to ACE 38, Chap. 11 on Investment, Chap. 12 on Services 4.5 COLOMBIA - CANADA Chap. 8 on Investment, Chap COLOMBIA EUROPEAN FREE TRADE AREA (EFTA) 2009 Temporary Entry, Electronic Commerce, Professionals 1995 Professionals, Transport, Financing, Temporary Entry 2009 Professionals, Temporary Entry 2011 Professionals, Financing, Temporary Entry, Electronic Commerce Chap Electronic Commerce, Professionals, Movement of Persons, Financing, Telecommunications

25 The service sector in Latin American and Caribbean integration SP/Di No COLOMBIA - UNITED STATES 4.8 COLOMBIA EUROPEAN UNION Chap.10 on Investment, Chap.11 Investment Trade in Services 4.9 PERU - CANADA Chap. 8 on Investment, Chap PERU - CHINA Chap.8, Chap.10 on Investment 4.11 PERU UNITED STATES Chap.10 Investment, Chap PERU SINGAPORE Chap. 10 on Investment, Chap * Financing, Electronic Commerce, Professionals, Courier, Trade Agency 2010* Financing, Sea Transport Electronic Commerce, Professionals, Temporary Entry Cultural Cooperation 2009 Financing, Temporary Entry, Electronic Commerce, Professionals 2010 Temporary Entry 2009 Financing, Electronic Commerce, Professionals, Courier 2009 Professionals, Temporary Entry, Electronic Commerce 4.13 PERU EUROPEAN UNION 5. OTHERS FROM ALADI Investment Trade in Services 2010* Financing, Sea Transport, Electronic Commerce, Professionals, Temporary Entry, Cultural Cooperation 5.1 CHILE - MEXICO ACE 41, Chap. 9 on Investment, Chap CHILE - AUSTRALIA Chap. 9, Chap. 10 on Investment 5.3 CHILE - CANADA Chap. G on Investment, Chap. H 5.4 CHILE SOUTH KOREA Chap.10 on Investment, Chap CHILE EUROPEAN FREE TRADE AREA (EFTA) Chap. III, Section I, Services Section II, Establishment 5.6 CHILE UNITED STATES Chap.10 on Investment, Chap CHILE - JAPAN Chap. 8 on Investment, Chap CHILE - NEW ZEALAND, SINGAPORE AND BRUNEI (Trans-Pacific or P4) 5.9 CHILE EUROPEAN UNION 1999 Professionals, Air Transport, Temporary Entry 2009 Professionals, Financing, Temporary Entry, Electronic Commerce 1997 Professionals, Temporary Entry 2004 Professionals, Temporary Entry 2004 Movement of Persons, Telecommunications 2004 Courier, Professionals, Financing, Temporary Entry, Electronic Commerce 2007 Financing, Temporary Entry Chap Professionals, Temporary Entry Title III, Chap. I, Chap. 3 on Establishment 2005 Movement of Persons, Electronic Commerce, Sea Transport, Financing

26 Permanent Secretariat Intra-regional Relations MEXICO - CANADA UNITED STATES (NAFTA) 5.11 MEXICO - EUROPEAN FREE TRADE AREA (EFTA) Chap. XI on Investment, Chap. XII Title III, Section I, Section V, on Investment 5.12 MEXICO - JAPAN Chap. 7 on Investment, Chap MEXICO - EUROPEAN UNION Chap. VI on Investment and Related Payments, Chap. VII on Services 1994 Professionals, Financing, Temporary Entry 2001 Sea Transport, Financing 2005 Financing, Temporary Entry 1998 Financing, Sea Transport * Year of signature, pending ratification. (1) Costa Rica - Trinidad and Tobago (2) Costa Rica Guyana, and Costa Rica - Barbados (3) Barbados, Jamaica and Trinidad and Tobago (4) Dominican Republic (5) Guyana (6) Suriname (7) CARIFORUM: CARICOM and Dominican Republic (8) Provisional Implementation (9) El Salvador - Panama (10) Costa Rica-Panama (11) Honduras - Panama, Guatemala Panama (12) Nicaragua Panama (13) Dominican Republic.- El Salvador, Dominican Republic - Honduras, Dominican Republic Guatemala (14) Dominican Republic - Costa Rica, Dominican Republic Nicaragua (15) Costa Rica - Chile, El Salvador Chile (16) Guatemala Chile (17) Honduras Chile (18) United States, Honduras, El Salvador, Guatemala, Nicaragua (19) Dominican Republic (20) Costa Rica (21) Guatemala (22) El Salvador and Honduras SOURCE: and national Web pages.

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