Meeting Ambassador of Nicaragua to Lithuania and other countries Ricardo Alvarado: Unexplored Areas of America for Business
On May 25 and June 2, the Faculty of Business of Kaunas University of Applied Sciences together with Kaunas Chamber of Commerce, Industry and Crafts and the Enterprise Europe Network organized online meetings with the former Ambassador of Nicaragua to eight European countries, including Lithuania, Ricardo Jose Alvarado Noguera. With years of diplomatic experience as his basis, he sees immense potential in Lithuania to branch out its various products to the industries of North and Latin Americas. While most of Lithuania’s trade partners are European, some of our Scandinavian neighbors are already familiar with the lesser known endless possibilities elsewhere, which Ricardo presented in his webinars.
Access to new markets in Latin America and the Caribbean
Latin America has about 650 million inhabitants across 33 countries, big and small, each unique. A region full of diversity, culture, traditions, known for the hospitality of its people. Latin American people are open, friendly and enjoy dancing, according to Ricardo. The European Union already has a multitude of Free Trade and Economic Partnership agreements with various parts of Latin America, however, emphasis was put on the EU-Mercosur trade agreement. Consisting of Argentina, Brazil, Paraguay and Uruguay, to more than 60 thousand European companies this region presents the opportunity of over 260 million consumers.
Access to new markets in North America
Although the US and EU do not have a trade agreement, they have a long historical relationship of trade – US goods and services trade with the 27 EU countries reached $1.1 trillion in 2019. The Transatlantic Economic Council was however set up in 2007 for the purpose of economic cooperation between the two. The TEC is the only EU-US high level forum in which economic issues can be discussed in a coherent and coordinated manner. Exports to the US made up 5% of Lithuania’s total exports in 2018 and Ricardo hopes that this percentage will increase in the future.