In a world where Europe and the United States are struggling, both East Asia and Latin America are out performing even if they too face challenges. More than 12 years since it started, the Forum for East Asia and Latin American Cooperation (FEALAC) has not caught attention — compared with, say, the BRICs (Brazil, Russia, India and China). Yet even without headlines, the real relationship has grown.
Despite the considerable distances, inter-regional trade has grown at an average of 20.5 percent over the past decade, projecting to reach $500 billion this year. The full range of goods crosses the oceans, from manufactures to agricultural products, with resources especially important.
Global conditions are pushing the two regions closer. With the developed markets of the West still soft, the search is on for new markets and south-south cooperation. Indonesian Foreign Minister Marty Natalegawa said FEALAC can assist in "the next major shift in the world's geopolitics and geoeconomy."