Adverse global conditions leave the region lagging further behind - - PowerPoint PPT Presentation

Adverse global conditions leave the region lagging further behind

Key messages

▪ Global and regional trade are shrinking and trade tensions are mounting, widening the region’s structural gaps ▪ Trade can contribute to environmental sustainability and reduce climate change ▪ Regional infrastructure and logistics are crucial to trade, production and integration

Chapter I

Global and regional trade are shrinking and trade tensions are mounting, widening the region’s infrastructure gap

Since 2012, world trade has grown by less than half the rate of the previous decade

World: real variation in merchandise exports and GDP, 1990-2018

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of World Trade Organization (WTO), World Trade Statistical Review 2019, Geneva, 2019. Note: The averages of the first and second decades of this century exclude the years of crisis (2009) and recovery (2010 and 2011).

The slowdown has worsened owing to the build-up

• f trade barriers

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of World Trade Organization (WTO), Report of the TPRB from the Director- General on Trade-Related Developments (mid-October 2018 to mid-May 2019), (WT/TPR/OV/W/13), Geneva, 2019, and ECLAC estimates for the period 16 May to 31 December 2019.

Coverage of import restriction measures, October 2012–December 2019

(Trillions of dollars)

Year-on-year change in the volume of global merchandise trade, January 2012–July 2019 (Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Netherlands Bureau of Economic Policy Analysis (CPB), World Trade Monitor [online database] https://www.cpb.nl/en/worldtrademonitor. 201 214 228 101 79 588 340 301 728 1,029 200 400 600 800 1000 1200

Oct 2012-

• ct 2013

Oct 2013-

• ct 2014

Oct 2014-

• ct 2015

Oct 2015-

• ct 2016

Oct 2016-

• ct 2017

Oct 2017-

• ct 2018

Oct 2018- may 2019 May 2019-

• dic. 2019

a

Monto nuevas medidas Restricciones acumuladas desde octubre de 2017 a This estimation considers only measures implemented and those officially announced up to 1 September 2019.

The dissatisfaction of the United States with WTO is one of the main causes of trade tensions

▪ The main points of criticism are:

• WTO has failed to persuade China to change its economic model
• Some high-income countries have declared themselves developing

countries

• The WTO Appellate Body oversteps its mandate

▪ The current administration has taken unprecedented measures:

• Unilateral tariff increases in defiance of WTO rules
• Proposal of a graduation mechanism for “advanced” developing

economies

• Blocking the selection of new Appellate Body members

▪ Calls for WTO reform have proliferated, but there is great uncertainty about the possibility of the Appellate Body ceasing to function in December 2019

The economies of the United States and China are decoupling in terms of trade and technology

United States

China

• 19

6

• 1
• 12

7 3

• 35
• 30
• 25
• 20
• 15
• 10
• 5

5 10 China Unión Europea América Latina y el Caribe Mundo Exportaciones Importaciones

• 8

6

• 3
• 28

3 5

• 5
• 35
• 30
• 25
• 20
• 15
• 10
• 5

5 10 Estados Unidos Unión Europea América Latina y el Caribe Mundo Exportaciones Importaciones

United States and China: change in the value of merchandise trade with the world and selected trading partners, first half of 2019 relative to the same period in 2018 (Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of data from the United States International Trade Commission (USITC) Source: Economic Commission for Latin America and the Caribbean (ECLAC),

• n the basis of data from the International Trade Centre (ITC)

United States: trade balance with the rest of the world and selected partners, first half of 2018 and of 2019 (Billions of dollars)

United States reduces its trade deficit with China by 10%, but its trade deficit with other partners increases

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of data from the United States International Trade Commission (USITC). .

0.5 1.1

• 1.9

2.6 6.9

• 8.9
• 2.7

7.1 2.0

• 2.7
• 10
• 8
• 6
• 4
• 2

2 4 6 8 Alemania Francia Italia Países Bajos Reino Unido ASEAN China India Japón

• Rep. de Corea
• 2.4

3.0

• 2.6

2.2 1.8

• 0.5

0.8 5.5

• 2.6
• …
• 10
• 8
• 6
• 4
• 2

2 4 6 8 Alemania Francia Italia Países Bajos Reino Unido ASEAN China India Japón

• Rep. de Corea

Factory Europe Factory Asia

Selected countries and groupings: change in volume of merchandise trade, January–June 2019 relative to the same period in 2018

(Percentages)

Exports Imports

Trade tensions spread through value chains to the “factories” of Asia and Europe

Source: Economic Commission for Latin America and the Caribbean, on the basis of data from World Trade Organization (WTO) and Eurostat.

Factory Europe Factory Asia

Trade tensions hit the industrial production

• f major economies

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Netherlands Bureau of Economic Policy Analysis (CPB), World Trade Monitor [online database] https://www.cpb.nl/en/worldtrademonitor and Organization for Economic Cooperation and Development (OECD), OECD Main Economic Indicators [online database] https://www.oecd.org/sdd/oecdmaineconomicindicatorsmei.htm

World and selected countries and groupings: year-on-year change in the volume of trade and industrial production, 2012–2019

(Percentages)

• A. World trade and industrial production
• B. Industrial production
• 3
• 2
• 1

1 2 3 4 5 6 2012m01 2012m07 2013m01 2013m07 2014m01 2014m07 2015m01 2015m07 2016m01 2016m07 2017m01 2017m07 2018m01 2018m07 2019m01 Comercio Producción industrial

• 8
• 6
• 4
• 2

2 4 6 8 10 12 2012Q1 2012Q3 2013Q1 2013Q3 2014Q1 2014Q3 2015Q1 2015Q3 2016Q1 2016Q3 2017Q1 2017Q3 2018Q1 2018Q3 2019Q1 Estados Unidos Japón Zona del euro China

Several factors are weakening trade in the post-crisis period

▪ Slowdown in global GDP growth and particularly in investment ▪ China’s decreasing dependence on trade ▪ Gradual decoupling of the economies

• f the United States and China

▪ Weaker momentum in FDI ▪ Curtailing of global value chains ▪ Digitization and other technological changes

Weak investment in the advanced countries has hit trade especially hard

Source: ECLAC, on the basis of data from the European Central Bank and the International Monetary Fund.

15 17 19 21 23 25 27 29 31 33 35 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Mundo Países avanzados Países en desarrollo Investment as a percentage of GDP, 1990–2017

FDI growth was subdued in the post-crisis period, weakening trade within global value chains

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of data from the United Nations Conference on Trade and Development (UNCTAD) and International Monetary Fund (IMF), World Economic Outlook Database, for global GDP.

World, advanced and developing economies: foreign direct investment inflows, 2007–2018

(Percentages of the GDP of each group)

• 0.5

1.0 1.5 2.0 2.5 3.0 3.5 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Mundo Economías avanzadas Economías en desarrollo

The expansion of global value chains has been curtailed

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of World Trade Organization (WTO) and others, Global Value Chain Development Report 2019: technological innovation, supply chain trade, and workers in a globalized world, Geneva, 2019

High-, upper-middle- and lower-middle-income countries: downstream and upstream participation in global value chains, 2000, 2007 and 2017

(Percentages) 2 4 6 8 10 12 14 16 Alto Medio alto Medio bajo 2000 2007 2017 2 4 6 8 10 12 14 16 Alto Medio alto Medio bajo 2000 2007 2017

Forward linkages (Percentage of GDP) Backward linkages (Percentage of goods production)

Trade is becoming less material: services and digital products are growing faster than physical goods

Source: Economic Commission for Latin America and the Caribbean (ECLAC) on the basis of World Trade Organization (WTO) Statistics Database [online] http://stat.wto.org/Home/WSDBHome.aspx?Language=E, and McKinsey Global Institute, Globalization in Transition: The Future of Trade and Value Chains, Washington, D.C., 2019.

World trade in goods, traditional and modern services, and cross-border data flows, 2005–2018

(Index 2010 = 100)

200 400 600 800 1000 1200 1400 1600 60 80 100 120 140 160 180 200 220 240 260 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Bienes Servicios modernos Servicios tradicionales Servicios TIC Regalías y otros derechos de licencia Flujos de datos transfronterizos (eje derecho)

After two years of recovery, regional trade is faltering again

After two years of recovery, regional trade is now in a sustained decline

Latin America and the Caribbean: annualized variation in trade in goods and services, January 2017–June 2019

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official information from customs offices, statistical institutes and central banks of the countries.

Internal and external factors are influencing the region’s export performance

Source: Economic Commission for Latin America and the Caribbean (ECLAC)

Latin America and the Caribbean: annual variation in merchandise trade by price, value and volume, 2000–2019a

(Percentages)

Exports Imports

In 2019, the value of regional trade is projected to fall for both exports and imports

• 2
• 30
• 20
• 10

10 20 30 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Volumen Precio Valor

• 3
• 30
• 20
• 10

10 20 30 40 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Volumen Precio Valor

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official information from customs offices, statistical institutes and central banks

• f the countries.

a The figures for 2019 are projections.

Synchronized slowdowns in trade with the rest of the world and within the region

Exports Imports

28 16 10 9 7

• 1

1

• 8

1

• 2
• 10
• 15
• 5

5 15 25 35 China Asia (incluida China) Unión Europea Estados Unidos Mundo América Latina y el Caribe 2019 2018 14 11 5 11 11 6

• 2
• 6
• 4
• 3
• 10
• 15
• 5

5 15 25 China Asia (incluida China) Unión Europea Estados Unidos Mundo América Latina y el Caribe 2019 2018

Latin America and the Caribbean: variation in value of merchandise trade by origin and destination, 2018 and 2019aa

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official information from customs offices, statistical institutes and central banks of the countries.

a The figures for 2019 are projections.

Exports decline in South America, but grow in Central America, Mexico and the Caribbean

Exports Imports Latin America and the Caribbean, Mexico and subregions: projected variation in merchandise trade, by volume, price and value, 2019

(Percentages)

0.5

• 0.9
• 2.1
• …
• 6.8
• 8
• 7
• 6
• 5
• 4
• 3
• 2
• 1

1 2 Volumen Precio Valor

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official information from customs offices, statistical institutes and central banks of the countries.

3.7 2.8 2.6

• 2.0
• 6.7
• 10
• 8
• 6
• 4
• 2

2 4 6 8 10 Precio Volumen Valor

Very varied performance at the country level

Exports Imports

• 8.8
• 7.2
• 6.6
• 5.6
• 4.3
• 3.7
• 3.1
• 3.0
• 2.7
• 1.5

2.0 2.5 2.6 2.6 2.7 2.8 3.3 3.4 3.5 3.5 3.5 3.8 4.0 4.1 4.1 4.3 4.8 5.0 5.8 5.9 6.0 6.5

• 20
• 15
• 10
• 5

5 10 Venezuela, Rep. Bol. Paraguay Perú Chile Brasil Colombia Cuba San Kitts y Nevis Nicaragua Bolivia, Est. Plur. Belice Granada Guatemala Honduras Barbados San Vicente y las Granadinas México Costa Rica República Dominicana El Salvador Guyana Dominica Ecuador Uruguay Bahamas Santa Lucía Panamá a Jamaica Suriname Trinidad y Tabago Argentina Antigua y Barbuda Haití

• 18.9
• 11.7
• 10.4
• 9.6
• 8.5
• 7.0
• 5.6
• 5.1
• 3.6
• 3.0
• 2.9
• 2.4
• 1.1
• 1.0
• 0.5
• 0.2

0.0 0.0 0.5 1.0 1.4 2.0 2.0 2.5 2.7 3.3 4.1 5.0 6.2 7.3 8.9 15.0

• 30
• 20
• 10

10 20 Venezuela, Rep. Bol. Argentina Bahamas Uruguay Nicaragua Paraguay Cuba Chile Honduras Perú Costa Rica Panamá a Bolivia, Est. Plur. Trinidad y Tabago República Dominicana Brasil Guatemala Ecuador Belice México Guyana Barbados Antigua y Barbuda Dominica Jamaica Colombia El Salvador Santa Lucía San Kitts y Nevis Granada San Vicente y las Granadinas Haití Suriname Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official information from countries. Panama excludes the Colón Free Zone.

Projected variation in merchandise trade by value, 2019

(Percentages)

• 49.9
• 60.2

Across-the-board fall in commodity prices

• 33
• 22
• 14
• 13
• 13
• 11
• 11
• 10
• 10
• 10
• 10
• 7
• 6
• 6
• 6
• 5
• 4
• 3
• 3
• 3
• 3
• 3
• 2
• 2
• 1
• 1

6 7 41

• 40
• 30
• 20
• 10

10 20 30 40 50 Aceite de palma Carbón Aluminio Plomo Algodón Café Zinc Poroto de soja Cobre Gas natural Petróleo crudo Otros minerales y metales Maíz Trigo Aceite de soja Azúcar Estaño Cacao Pescado Tabaco Plata Derivados de petróleo Arroz Harina de pescado Camarones y crustáceos Banano Níquel Carne de vacuno Oro Hierro

Latin America and the Caribbean: projected variation in prices of major export commodities in 2019

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of data from the United Nations Conference on Trade and Development (UNCTAD), the World Bank, the Economist Intelligence Unit, International Monetary Fund (IMF), and specialized websites.

The region’s weak growth mirrors the sharp contraction in intraregional trade

Source: ECLAC, on the basis of official figures from the countries’ central banks, customs offices and national institutes of statistics.

a Figures for 2019 are projections.

Latin America and the Caribbean: annual variation in the value of intraregional exports and exports to the rest of the world, 2007–2019a

(Percentages)

• 10
• 30
• 20
• 10

10 20 30 40 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Intraregional exports Exports to the rest of the world

Intraregional trade remains well below historic levels registered in 2011–2013

Latin America and the Caribbean: intraregional exports of goods, 1991–2019 a (Millions of dollars and percentages of total goods exports)

Source: ECLAC, on the basis of official information from countries of the region, the Andean Community and the Central American Common Market.

a Figures for 2019 are projections.

15.5 5 10 15 20 25 50 100 150 200 250 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Exportaciones intrarregionales Participación exportaciones intrarregionales en exportaciones totales (eje derecho)

MERCOSUR creation, Andean Community relaunch

Crisis Commodity supercycle Economic slowdown

The slowdown in intraregional trade is reproduced in virtually all integration mechanisms

Latin America and the Caribbean: variation in intraregional exports by integration mechanism, January–June 2017, 2018 and 2019, relative to the year-earlier period

(Percentages)

Source: ECLAC, on the basis of official information from customs offices, statistical institutes and central banks of the countries, and data from the Andean Community and the Central American Common Market.

15 11 10 2 14 21 12 23 13 3 15 16

• 10
• 22
• 1
• 5
• 19
• 25
• 20
• 15
• 10
• 5

5 10 15 20 25 30 América Latina y el Caribe Comunidad Andina MERCOSUR Mercado Comun Centroamericano Alianza del Pacífico Comunidad del Caribe Enero-junio 2017 Enero-junio 2018 Enero-junio 2019

The region is lagging behind and must rethink its participation in international trade

▪ Global trade in goods has been sluggish since the financial crisis, made worse by trade tensions ▪ Seemingly related to structural factors such as a shortening

• f global value chains, China’s decreasing dependence
• n trade, and digitization

▪ The region’s outdated export pattern must adapt to technological, logistical and sustainability challenges ▪ This means rethinking its international positioning strategy and making greater efforts to boost intraregional trade

Chapter II

Enhancing trade’s contribution to environmental sustainability

Climate change regulations and policies Climate change and the environment Trade and production Policies and regulations applicable to trade

Legal impacts Physical impacts

• Scale effect
• Composition effect
• Technology effect

Trade, climate change and their respective regulatory frameworks are linked

Legal impacts Impacts on policy

The unfinished agenda: incorporating environmental sustainability into trade agreements

Mechanisms that affect relative prices

• Lower barriers to

environmental goods and services

• Subsidies for

renewable energies

• Fossil fuel taxes

Regulatory mechanisms

• Environmental

labelling

• Standards on

energy efficiency, emissions, sustainable management of fishery, forestry and agricultural products Green public procurement

• Goods
• Services
• Public works

Intellectual property

• Technology

transfer mechanisms (e.g. mandatory licences for green technology) Investment

• Ensure the

right of the host State to protect the environment

▪ As a minimum, trade agreements must:

✓ Create incentives for the diffusion of green goods, services and technologies ✓ Discourage the expansion of sectors or industries with a high environmental footprint ✓ Be in line with environmental agreements and the nationally determined contributions set forth in the Paris Agreement

▪ To this end, they can promote sustainability in a number of way:

1 2 3 4 5 6 7 Bahamas Antigua y Barbuda Santa Lucía San Vicente y las… Venezuela (República… Guyana Haití México Uruguay Dominica Granada Brasil Chile Costa Rica Guatemala Nicaragua Panamá Paraguay Barbados Belice Cuba Saint Kitts y Nevis Argentina Bolivia (Estado… Colombia El Salvador Perú Jamaica Ecuador Honduras

• Rep. Dominicana

Unlike in the Caribbean, few countries in the region have included trade measures in their climate change mitigation strategies

Latin America and the Caribbean: presence of trade measures in the nationally determined contributions

(Number)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of the analysis of nationally determined contributions.

The region has a trade deficit in environmental goods

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of UN Comtrade - International Trade Statistics Database.

• 100 000
• 80 000
• 60 000
• 40 000
• 20 000

20 000 40 000 60 000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Exportaciones Importaciones Saldo Latin America and subregions: trade in environmental goods, 2002–2017 (Millions of dollars)

• Environmental goods, which include

non-conventional renewable energies measure and correct environmental damage to water, air and soil

• There is no consensus definition

because of, inter alia, goods that have dual or multiple use (e.g. gas turbines can generate electricity either from biogas or traditional gas)

• The definition used here is derived

from the Consolidated List of Environmental Goods, comprising 248 goods

In short

▪ Need for greater coherence between the international regimes

• n trade and the environment in order to:

▪ Reach agreements to limit fisheries and fossil fuel subsidies, protecting vulnerable populations ▪ Restore the legality of subsidies for environmental retrofitting ▪ Legalize measures adopted by countries in the framework of the Paris Agreement, such as border carbon adjustments and support for renewable energies ▪ Establish a waiver on the Agreement on Trade-Related Aspects

• f Intellectual Property Rights (TRIPS) for green technologies

in developing countries with low levels of absolute emissions

▪ Introduce a green industrial policy that:

▪ Boosts the production of environmental goods and services ▪ Enhances the sustainability of exports, especially natural- resource-based exports

Chapter III

Logistics and infrastructure for trade, production and integration

Institutional and regulatory failures Lack of joined-up policy approaches and

• f sustainability

criteria Infrastructure gaps

Infrastructure weaknesses and logistics’ costs affect regional competitiveness

Urban-rural territorial asymmetries Insufficient provision of resilient infrastructure Negative social and environmental externalities Lack of a long-term vision consistent with the development model Ineffective modes

• f distribution

Problems associated with trade facilitation and transport regulation Infrastructure governance failures (public-private partnerships)

Road transport accounts for a greater share

• f foreign trade in Central America and Mexico

than in South America

Foreign trade volume by transport mode, 2017

(Percentages) South America Central America and Mexico

Aéreo 0.3% Fluvial y lacustre 2.6% Marítimo 95.0% Ferroviari

• 0.0%

Carretero 2.1% Aéreo Fluvial y lacustre Marítimo Ferroviario Aéreo 0.1% Fluvial y lacustre 0.0% Marítimo 47.5% Ferroviario 9.9% Carretero 42.5%

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official data from the countries.

Port activity is slowing down following the trade trend of recent years

Latin America and the Caribbean and the world: total container movements, 2016–2019a

(Percentages)

• 2.5%

8.9% 8.0% 0.8% 10.1% 6.6% 5.0% 2.7%

• 4%
• 2%

0% 2% 4% 6% 8% 10% 12% 2016 2017 2018 2019f América Latina y el Caribe Mundo Share 2019 Variation between 2019 and 2018

Exports 40%

• 0.3%

Imports 50%

• 2.0%

Intraregional 10% 2.7% Total 100%

• 0.9%

Latin America and the Caribbean: maritime container trade in the first half of 2019 compared to the same period of 2018 (Percentages)

a Data for 2019 are preliminary.

The steady decline in infrastructure investment has led to a large gap in transport

Source: ECLAC. Note: Includes Argentina, Brazil, Chile, Colombia, Mexico and Peru. Does not include Chile for 2015. Does not include Chile or Colombia for 2016. Includes the following sectors: transport (road and rail), energy (electricity), telecommunications, water and sanitation.

Investment as a percentage of GDP, 1990–2017 3.6 2.2 1.9 1.8 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Total Pública Privada

The lack of infrastructure and logistics services’ inefficiencies make domestic transport more expensive

Argentina: costs per ton and km transported from ports in Gran Rosario, 2019 (Dollars)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of information from Rosario Board of Trade (Bolsa de Comercio de Rosario, BCR).

10 20 30 40 50 60 70 700 Km. 450 Km. 550 Km. 700 Km. 750-1140 Km. 450 Km. 550 Km. 750-1140 Km. Shanghai Barcaza Camión Ferrocarril Flete maritimo internacional

The concentration of the logistics industry and regulatory weaknesses add to the infrastructure gap

✓ 76% of all container movements

in ports is handled by the top 10 port operators

✓ 70% of total container capacity

belongs to the 3 large shipping alliances

✓ 1 in 7.5 commercial containers

is handled by the top 25 freight forwarders

1990–2004 2004–2010 2010–2015

All sectors 42 68 58 Electricity 10 41 30 Transport 55 81 60 Water and sanitation 75 76 66 Other social sectors … 42 40

Latin America and the Caribbean: renegotiations

• f public-private partnership contracts,

1990–2015

(Percentages)

Indicators of concentration in the global logistics industry

✓ Infrastructure and logistics play a central role in trade competitiveness.

They are affected by, among other things, investment, economic and technical regulations, industrial organization of services markets and public policy objectives.

✓ Freight transport in the region is concentrated in a few ways, leading

to inefficiencies and negative environmental externalities.

✓ To close the infrastructure gap in transport, investments must be tripled,

which, in the face of fiscal restrictions, means exploring new sources of financing.

✓ Regulations must also be improved, especially with regard to concessions

and deconcentrating logistics services.

✓ Integrating infrastructure at the regional level, by means of co-modal

logistical corridors, allows the pattern of investment to be refocused towards more competitive, sustainable and resilient modes of transport.

Main messages of chapter III: