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Guatemala City, Nov 18. (AGN).- Authorities of the Ministry of Economy (Mineco), headed by the Vice Minister of Integration and Foreign Trade, Héctor Marroquín Mora, met with representatives of the European Union (EU) to strengthen bilateral cooperation ties.
The vice minister highlighted the relevance of this meeting as an opportunity to address issues of mutual interest and explore new forms of collaboration.
We deeply appreciate the interest and willingness of the European Union to work together with Guatemala. This dialogue will help drive economic growth and sustainable development for the benefit of our economies and societies.
This meeting reaffirms the commitment of the EU and Guatemala to consolidate a relationship based on cooperation, respect and mutual benefit, in a strategic alliance that will continue to evolve to generate positive results.
Highlighting the #CommercialPromotionGT as a focal part for the economic growth of Guatemala, #MinecoGT presents to the Commercial Advisors the strategy to promote the country’s products and services and increase exports to the world. #DiplomaciaComercialGT pic.twitter.com/W7JoxYyVdt
— Ministry of Economy (@MINECOGT) November 14, 2024
The themes
During the meeting, topics of bilateral interest in cooperation were discussed, including:
- strengthening bilateral trade
- development of joint investment projects
- identification of areas of cooperation in sustainability and development
Since the entry into force of the Association Agreement in 2013, the commercial relationship between both regions has facilitated access to the European market, which has more than 500 million consumers.
This agreement has granted Guatemala tariff preferences and favorable rules of origin, benefiting the export of agricultural and manufactured products to the European Union. In addition, it has promoted a predictable business environment, offering dispute resolution mechanisms to overcome barriers.
It is noteworthy that within the presentation made by the Vice Minister @marroquinhjose The National Action Plan for Trade Promotion of Guatemala in International Markets was also presented. #DiplomaciaComercialGT #CommercialPromotionGT pic.twitter.com/Br7Fgjuvqp
— Ministry of Economy (@MINECOGT) November 14, 2024
Commercial data
In the last few years of trade growth, from 2013 to 2023, Guatemala’s exports to the European Union increased by 132%.
The main products exported from Guatemala to the EU include sugar, which represented 14.8% of the total, and coffee, with 6.5%.
On the other hand, the most imported products from the EU were machines and mechanical appliances, with a value of 148.1 million dollars (21.1%), and pharmaceutical products (134 million dollars, 6.7%).
Both parties expressed their willingness to reach agreements that promote inclusive growth and promote the well-being of their populations. In addition, Guatemala seeks to promote innovation and attract European investment, taking advantage of tariff and cooperation benefits.
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What specific measures are being implemented to enhance bilateral trade and investment between Guatemala and the European Union?
Introducing our first guest, Mr. José Marroquín, Vice Minister of Integration and Foreign Trade at the Ministry of Economy (MINECO):
Host: Good morning, Mr. Marroquín. Thank you for joining us today. It’s great to have you here. We understand that you recently held a meeting with representatives from the European Union to discuss strengthening bilateral cooperation ties. Can you tell us more about this?
José Marroquín: Of course, thank you for having me. Yes, indeed, we met with our counterparts in the European Union to discuss ways to promote cooperation and collaboration between our two regions. We believe that by working together, we can drive economic growth and sustainable development for the benefit of both parties. This dialogue was an opportunity to address issues of mutual interest and explore new forms of collaboration.
Host: That sounds very promising. Could you please expand on the topics that were discussed during the meeting?
José Marroquín: Certainly. We covered a wide range of topics, such as strengthening bilateral trade, developing joint investment projects, and identifying areas of cooperation in sustainability and development. We also discussed the benefits of the Association Agreement that has been in place since 2013, which has made it easier for Guatemala to access the European market and increase its exports of agricultural and manufactured products. Additionally, we talked about the importance of promoting innovation and attracting European investment to our country.
Host: That’s very enlightening. Moving on to the commercial data, could you elaborate on the significance of these figures and how they have impacted Guatemala’s economy?
José Marroquín: Absolutely. In the last few years, from 2013 to 2023, Guatemala’s exports to the European Union have increased by a staggering 132%. This shows that our products are in high demand and that our economic relationship is thriving. Some of the main products we export to the EU include sugar and coffee, which represent 14.8% and 6.5% of our total exports, respectively. On the other hand, the most imported products from the EU include machinery and mechanical appliances (14
