The stagnation of the Doha Round, the consolidation of global value chains, and the growing importance of China and other emerging countries are all factors that have driven the negotiation of regional mega-agreements. These agreements could reconfigure the global trade scenario by defining new rules and reducing the relevance of the multilateral trading system. They will have a global impact, and Latin America and the Caribbean are not immune to such changes.
The pattern of foreign direct investment (FDI) in the world has changed significantly. Until a few decades ago, almost all FDI came from developed countries, led first by the United Kingdom and then by the United States. This situation has changed radically in recent decades: developing countries are an increasingly important source of FDI. Although most FDI flows from such countries originate in Asia, Latin America has been gaining ground as a source of global investment.