As of 2016, FEALAC represents 38% of the global economy and 33% of the global trade, which reflects a significant growth since its creation when it represented 30% of the global economy and 24% of the global trade. At the recent Foreign Ministers’ Meeting (2017, Busan, Korea), FEALAC members reaffirmed that international trade is an engine for inclusive growth and poverty reduction and also underlined their commitment to preserving, strengthening, and enhancing the open, rule-based, transparent, inclusive, predictable and non-discriminatory multilateral trading system. The ministers also took note of the importance of trade facilitation through the simplification, modernization, and harmonization of the export and import procedure.
The original vision of FEALAC remains relevant today in bringing together the two regions. Interest of private sector and business has rapidly increased flows of trade and investment between the two regions. Deepening economic ties has helped forge mutually beneficial relationships over the past decade, which have brought governments and people in the two regions closer together.
FEALAC member countries have implemented various projects such as seminar, research, conference etc. Above all, FEALAC Business Forum which has been hosted by Colombia (2012), Thailand (2014), and Korea (2017) has a special value of promoting closer trade relations and enhancing business opportunities for the potential investors in the two regions, and that is serves as a good model of how national projects are to be planned and executed.
“Trade Regulation Databases” which aims to facilitate information sharing on trade regulations of FEALAC member countries has been implemented by Indonesia. The web page can be reached directly at https://fealac-tr.kemlu.go.id/.