Latin American diplomats urge stronger trade ties as B.C. diversifies

Look to Latin America?

Photo: Daisy Xiong, BIV.

Colombia’s consul general in Vancouver, Jorge Humberto Ojeda Bueno, joined four other Latin American diplomats to speak at a World Trade Centre Vancouver event last week.

B.C. should strengthen engagement with Latin America as the province seeks to diversify beyond the U.S., according to diplomats and trade experts addressing an audience in Vancouver.

Consuls general from five Latin American countries—Mexico, Argentina, Colombia, Panama and Guatemala—joined trade specialists at a World Trade Centre Vancouver event last week.

The diplomats highlighted potential areas for collaboration including agri-products, mining, manufacturing, energy transition and technology.

“We have very low trade in goods with Canada,” said Ricardo Arredondo, consul general of Argentina in Vancouver. Canada-Argentina trade volume totalled about $2.5 billion last year, according to data from Global Affairs Canada.

“British Columbia represents only 0.04 per cent of [Argentina’s] bilateral trade, so there are many opportunities and a lot of room to grow,” Arredondo added.

In 2024, Canada’s total merchandise trade with Latin America and the Caribbean was about $95 billion, roughly 6.4 per cent of Canada’s total goods trade, according to Statistics Canada data. Much of this trade was concentrated with Mexico, reaching nearly $56 billion.

Latin America also has one of the world’s largest youth-driven middle-class populations, according to multiple diplomats who spoke at the event. This presents large and diverse consumer markets and workforces for Canadian businesses, according to Jorge Humberto Ojeda Bueno, consul general of Colombia in Vancouver.

“Colombia reached a GDP per capita of US$8,000 in 2025. These indicators show a stable and resilient economy with opportunities across multiple sectors,” Ojeda Bueno said.

Beyond traditional sectors such as agriculture, manufacturing and mining, the region is also investing in technology and advancing a clean-energy transition. Many governments have initiatives and free-trade zones to attract foreign investment.

“Many companies in British Columbia are already operating or exploring opportunities in those sectors,” said Mynor Joel Aguirre Medina, consul general of Guatemala in Vancouver.

Financial and political risks pose challenges

Despite the opportunities, challenges remain for B.C. businesses wanting to enter Latin America, according to the panellists.

“It's important to note that when we talk about Latin America, we're talking about a lot of different places with completely different political regimes, economies and outlooks,” said Jay Brahach, junior key account director at fintech firm Ebury Partners UK Ltd.

Although Colombia has seen strong GDP growth, political instability remains, Brahach said. The country has also been criticized for a lack of austerity, which he believes is unlikely to improve soon, limiting its ability to control its currency.

Argentina–despite having significant austerity measures–has inflation of about 31 per cent as of last month, according to official data. That marks 18 straight months of decreasing inflation rates.

“I wanted to draw upon those examples just to give you an idea of how complex it can get and how different all these nations are when you're thinking about currency and trading with those countries and securing profit margins,” Brahach said.

B.C. businesses also need to navigate different regulations in the region, such as the new customs reform in Mexico, said Patti Anderson, director of strategic alliances and channel development at Livingston International Inc.

“The new customs reform allows the companies to be more compliant. … Some of the challenges, though, could be additional costs and some administrative burdens to make sure that companies are aligned with their systems,” Anderson said.

More direct flights between B.C. and Latin American countries beyond Mexico are also needed to help boost business activity, according to Stephen Smart, head of communications at the Vancouver Airport Authority (YVR).

YVR recorded 345,000 passengers travelling from Vancouver to Latin America between June 2024 and June 2025, and most had to connect through another airport, Smart said.

“We expect that to grow even further, with Canada looking to double exports to markets beyond the U.S. South America is a real opportunity.”