Multilateral, plurilateral and bilateral approaches to fostering business relations between Latin America and Australia

From marginal relevance, the trade and business relations between Latin America and Australia have grown during the past two decades. A proximate reason is that the relations diversified to encompass a greater range of manufactures and services. But differences in the business environments of Latin America and Australia remain that are obstacles to further expansion of these relations. The ultimate reason for the growth and diversification of the relations is that Australia and its key business partners in Latin America (Argentina, Brazil, Chile and Mexico) experienced the impact of processes of trade liberalisation, market deregulation and structural reform during the past two decades. These Latin American countries and Australia now share common interests in fostering business relations, for which there are opportunities at multilateral, plurilateral and bilateral levels.