Digital trade can unlock growth in Latin America and the Caribbean by increasing access to global markets and creating new economic opportunities for small businesses and entrepreneurs. A new report by the Inter-American Development Bank, the World Trade Organization, and the Regional Economic Council of Puerto Rico reveals that digital trade in the region has quadrupled in just two decades, reaching nearly $90 billion in 2020.
This growth is driven by advancements in technology, increasing internet penetration, and the rise of e-commerce platforms. As a result, digital trade is becoming a major engine of growth for the region, creating new opportunities for businesses to reach global customers and compete in the digital economy. With the right policies and investments in digital infrastructure, the region can unlock its full potential and drive sustainable economic growth.
The report highlights the importance of digital trade for Latin America and the Caribbean, particularly for small and medium-sized enterprises (SMEs) that have limited access to traditional trade channels. By increasing their online presence and participating in digital trade, SMEs can access new markets, improve their competitiveness, and create jobs and economic opportunities for their communities.