IMF recommends the elimination of protectionist barriers to boost world trade
18 mayo 2018

On May 14th, Christine Lagarde, Managing Director of the International Monetary Fund (IMF), gave a speech focused on the challenges that the world will have to face in commercial matters. She argued that “data flows are becoming more important than physical trade” and that “the future of trade is the future of data”: she urged governments to “reinvent their education systems towards the digital age,” to encourage international and multilateral cooperation, to eliminate “unfair trade practices” and to “be open to new ideas.”

Lagarde said that reducing trade barriers and increasing digitization are the way to guarantee the growth of developing economies and avoid protectionist policies. In this way, she set the fundamental pillars to improve trade, in which the increase in services through digitalization -that would benefit the inclusion of small businesses and people who use digital tools- and the increase in productivity, consistent of the commercialization of services, stand out.

Although the recommendations of the Monetary Fund are not binding for Latin America, the expansion of trade in the region and the new challenges of the digital era, combined with the countries` need for external financing, creates favorable conditions for governments to incorporate its recommendations. Thus, it is expected that the governments follow these commercial guidelines to obtain IMF financing.

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