DOING BUSINESS PUBLIC SECTOR OVERVIEW 11 years after the entry into force of CAFTA-DR, challenges and huge opportunities still remain for both countries. Over 90% of tariff lines are now traded freely, with only 15 and 20-year terms pending. Pending for Guatemala are basic considerations such as institutional reform, regulatory framework, infrastructure and exports promotion, plus modernization and continued diversification of our high value added production.
To better leverage the Agreement we must emphasize crosscutting areas such as enhancing a dynamic and innovative business climate, strengthening human capital and addressing regional integration to promote competitive trade as a block. There is no doubt that opening up our economies drives the growth of our economy. Today, 11 years after Guatemala got the opportunity and access to a market of over 300 million citizens, the Agreement has undoubtedly contributed to the country’s development and growth, especially in sectors that contribute to diversified trade exhanges. The expectation, then, is that beyond trade exchanges, CAFTA-DR will generate inclusive development platforms in coming years and that we might see new sources of decentralized economic growth to produce prosperity for our inhabitants.
The Ministry of Economy seeks modernization by developing a strategy to become more efficient in order to promote the acceleration of our economy, eliminate unnecessary barriers, promote new businesses and investment, further leverage tools such as this Agreement, and allow the development of new projects. Along with the Economic Policy, we seek to generate inclusive and sustainable economic growth to help reduce poverty, promote new businesses and foster formal employment, as well as to open new domestic and international markets, thus improving the conditions of the country.
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