In brief
At the World Investment Forum 2026 in Doha, UNCTAD’s Luz Maria de la Mora said Latin America must diversify trade ties rather than choose between the United States and China. She highlighted the region’s dependence on both markets and called for practical steps to strengthen global supply‑chain integration. The forum also agreed on 20 investment actions to support this diversification.
At the World Investment Forum 2026 in Doha, Qatar, UNCTAD Director Luz Maria de la Mora warned that Latin America was not forced to choose between the United States and China as its biggest trading partners. According to Prensa Latina, the official said,
Latin America does not have to choose between the United States and China.de la Mora explained that both economies are vital export destinations and sources of goods and inputs for Latin American economies.
During the forum, de la Mora, who directs UNCTAD’s Division on International Trade and Commodities, highlighted that tensions between the two global powers did not spell automatic exclusion for the region. She urged Latin American nations to diversify trade and investment ties, identify competitive advantages, and strengthen participation in global supply chains.
De la Mora underscored that China remains the leading trading partner for several South American countries, while the United States holds that position for Mexico and many Central American and Caribbean economies. The UNCTAD official suggested a “practical, market‑driven approach” to leveraging opportunities offered by both markets and their production chains.
The call for diversification came on the heels of the Doha Forum’s agreement on 20 investment actions designed to support Latin American countries’ ability to engage more deeply in international markets. The actions, as noted in a briefing from a now‑unavailable NOVUM page, aim to address infrastructure, finance, and regulatory barriers that have historically limited the region’s integration.
UNCTAD’s stance builds on a broader analysis of the region’s trade structure. While Latin American exports to the United States have grown steadily over the past decade, China has emerged as an equally important destination, especially for commodities and emerging manufacturing sectors. Simultaneously, the region faces supply‑chain pressures linked to shifting global trade policies.
Experts point to a range of open questions that accompany de la Mora’s strategy. How will Latin American economies prioritize new markets when their fiscal capacities vary widely? What domestic reforms are required to enable industry clusters to enter supply chains that involve both the U.S. and China? And how will the region negotiate trade rules that accommodate differing standards and regulatory expectations?
Blending market forces with policy guidance, UNCTAD is expected to provide tools for Latin American governments to assess and pursue diversification opportunities. The organization has earlier documented best practices for enhancing trade resilience, especially in sectors with high value‑added potential.
While the region’s industrial policy makers grapple with these questions, political and diplomatic dynamics add further layers of complexity. In the United States, recent trade negotiations with Mexico continue to shape the latter’s export patterns, whereas China’s Belt and Road Initiative extends investment interests into parts of Latin America through infrastructure projects.
Balancing the relationships with both powers also demands careful navigation of tariff and non‑tariff barriers. For instance, U.S. tariff adjustments on certain agricultural commodities affect Latin American supply chains, whereas Chinese industrial policies influence manufacturing linkages. Thus, de la Mora’s emphasis on a “practical perspective” seeks to help policymakers weigh these trade‑policy environments pragmatically.
The World Investment Forum’s consensus on the 20 investment actions suggests that multilateral bodies are aligning with de la Mora’s message. The actions call for improving legal frameworks, fostering investment climate transparency, and bolstering trade finance mechanisms. By tying these measures to diversification goals, the forum aims to reduce dependency on any single partner.
In closing, de la Mora articulated a vision of Latin America as an active participant in a more interconnected global market. She urged regional governments to foster inward and outward investment, to build resilient supply chains that include Chinese and U.S. components, and to capitalize on the synergies between the two countries’ economies.
As Latin American trade adjustments take shape, observers anticipate that the balance between U.S. and Chinese ties will evolve in tandem with regional initiatives pursuing diversification and deeper integration into global value chains. None of the sources, however, has yet quantified how much trade volume should shift between the two partners in light of the proposed strategy.