Access to information is key in today’s globalized world, especially for small and medium-sized companies seeking new markets for their products. To succeed, these firms have to navigate a series of trade agreements and regulations that economists have likened to being as messy as a bowl of spaghetti.
In fact, however, the quickest, easiest, and most cost-effective way to find out about trade opportunities is only a click away at INTrade, a comprehensive free-access online gateway created by the IDB that brings together information on trade agreements and tariffs along with many other regulatory measures that can apply to exports in Latin American and the Caribbean. Growth of the region’s exports slowed considerably in 2012 as a result of sluggish growth in key export destinations, so supporting efforts to boost trade today are more important than ever.
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The tool was upgraded last year and a new version launched with an enhanced design and user-friendly structure for easy access to content. The home page directs visitors to data aggregated into three broad topics areas (legal framework, market access, and statistics and indicators) or by type of user (businesses, negotiators, or analysts). The data are then further broken down into subcategories that include detailed and highly-disaggregated information about trade agreement texts, preferential and non-preferential tariffs, tariff rates, quotas, rules of origin, sanitary and phytosanitary regulations, export and import flows, and economic integration indicators.
Besides helping companies seeking to export and import products and services, the information provided by the portal is also useful for policymaking. Governments can use data compiled by INTrade to prepare for trade negotiations and improve policies to attract foreign investments, as well as follow latest development in trade regulations and trends.
By compiling and systematizing trade information and making it available for everyone, IDB´s INTrade is helping to break down a major barrier that has prevented countries and businesses in Latin America and the Caribbean from taking full advantage of greater globalization to create new markets for their products.