Rethinking Global Value Chains (GVCs) in Latin America under COVID 19: Upgrade or seek regional GVCs?

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Maritza Sotomayor https://orcid.org/0000-0002-9905-728X
Miguel Cordova https://orcid.org/0000-0002-1010-8803

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Abstract

This article discusses the debate on regional integration that is Global Value Chains (GVCs) oriented in Latin America. The Latin American region was progressively taking part in these integrated economic systems when COVID 19 hit. The pandemic has exposed weaknesses in its participation due to several factors, including its dependence on regional hubs. Nevertheless, the disruption has brought back the need to consider the advantages of Latin American regional GVCs. This article examines these alternatives in the context of an economic and health crisis. The review shows some benefits in carrying out a regional integration that is GVCs-oriented, similar to Asian and European countries. However, some conditions need to happen to carry out regional GVCs. The COVID 19 can be seen as an opportunity to work at the regional trade policy level to meet the conditions for a different development model based on a trade sector that is GVCs-oriented.

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