MEXICO: Argentine YPF move threatens region, says Chile's Economy Minister Pablo Longueira

Record ID: 305131

  • Title: MEXICO: Argentine YPF move threatens region, says Chile's Economy Minister Pablo Longueira
  • Date: 19th April 2012
  • Summary: PUERTO VALLARTA, JALISCO, MEXICO (APRIL 17, 2012) (REUTERS) ARRIVAL OF CHILEAN ECONOMY MINISTER PABLO LONGUIERA TO INTERVIEW HANDS OF PABLO LONGUEIRA DURING THE INTERVIEW (SOUNDBITE) (Spanish) PABLO LONGUEIRA, CHILEAN ECONOMY MINISTER, SAYING: "These measures have an impact, because we are part of a region. It turns us, smaller countries like Chile that are part of the region, into a less attractive, less trustworthy region, and capital flows exit to those places of the planet where there is more investor confidence, like the Asian markets, Asian economies that are very interesting to investors, and if they respect the rules of the game, there will be a large transfer of capital and development to other regions, and once again Latin America will be delayed in its development." GENERAL VIEW OF INTERVIEW (SOUNDBITE) (Spanish) PABLO LONGUEIRA, CHILEAN ECONOMY MINISTER, SAYING: "I don't think there will be a concrete measure this week, but I do think ministers will present a proposal for leaders in the (June) summit to make a commitment to global free trade - there are commitments and free trade agreements." HANDS DURING INTERVIEW (SOUNDBITE) (Spanish) PABLO LONGUEIRA, CHILEAN ECONOMY MINISTER, SAYING: "I think that international forums should very clearly take on these protectionist signals by sanctioning those countries that in some way are not respecting the rules of the game at the international level, (the rules) that allow commerce to flow and globalisation to incorporate commerce in a more fluid form - and the benefits that countries see when they are allowed to access other markets, and they are not allowing and not behaving coherently." LONGUIERA LEAVING INTERVIEW GENERAL VIEW OF BANDERAS BAY MEXICAN NAVY SHIP BEACH
  • Embargoed: 4th May 2012 13:00
  • Keywords:
  • Location: Mexico, Mexico
  • Country: Mexico
  • Topics: Business,International Relations
  • Reuters ID: LVA97QHCAXX30IMCYCYHVFWBDJA6
  • Story Text: G20 countries must take a strong stance against protectionist measures, Chile's economy minister said on Tuesday (April 17), ahead of a meeting of G20 trade officials later this week.
    Pablo Longueira said future investment in Latin America may be in jeopardy as a result of Argentina's move to seize control of energy company YPF, a unit of Spanish oil major Repsol.
    "These measures have an impact, because we are part of a region. It turns us, smaller countries like Chile that are part of the region, into a less attractive, less trustworthy region, and capital flows exit to those places of the planet where there is more investor confidence, like the Asian markets, Asian economies that are very interesting to investors, and if they respect the rules of the game, there will be a large transfer of capitol and development to other regions, and once again Latin America will be delayed in its development," he told Reuters in an interview.
    Longueira, who will attend meetings of G20 trade ministers on Thursday and Friday, said the group should agree to deepen and improve World Trade Organization measures to punish countries which did not meet international standards.
    "I don't think there will be a concrete measure this week but I do think ministers will present a proposal for leaders in the (June) summit to make a commitment to global free trade," he said.
    "I think that international forums should very clearly take on these protectionist signals by sanctioning those countries that in some way are not respecting the rules of the game at the international level, (the rules) that allow commerce to flow and globalisation to incorporate commerce in a more fluid form - and the benefits that countries see when they are allowed to access other markets, and they are not allowing and not behaving coherently," he added.
    Chile, which is one of Latin America's most vocal free trade advocates with 21 free trade agreements ranging from Asia to the European Union, boasted record foreign investment last year of $17 billion.
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