Because of geographical distance and cultural differences, Australia and Latin America are seen as an odd partnership, in terms of economic collaboration. But both have proven that such hindrances are insignificant. And now, both regions have continuously prospered by strengthening their trade agreements. By doing so, they have created a diverse and growing trade system that gives opportunities to people and supports their economic standing in the global scene.
The success of obtaining international understanding between Australia and Latin America isn’t made overnight. There were a lot of challenges before attaining such an established relationship. Both regions have to break differences and go beyond their history of indifference.
One of the obvious challenges is the language barrier. Latin America and Australia have apparent cultural differences that are expressed to their own languages. Businesses are hard to execute and translate while being true to their nature.
Their cultural differences also become indicators of how business should be run, with their own approaches on how to do partnerships and securing new deals. Because of their inclination to nature and its relaxed sensibility, Australians have a more informal way of doing business. Meanwhile, Latin Americans are known for being conservative in terms of values, compared to Australians.
Apparently, legal regulations and financial systems are also crucial for both regions. Both sides need to grasp how local markets run their business to effectively promote a successful trade for goods or services. Lack of knowledge on such matters can also be an obstacle to operate the business smoothly.
Good thing, these challenges are perceived as a way to grow their relationship into a more solid status. Than holding into it, Latin America and Australia saw the benefits they can gain from forming collaboration and diplomacy.
For Australia, it is the booming economic standing of Latin America in the world. For the past couple of years, there’s an apparent growth in Latin American countries, with thriving markets of the middle class and collective economic milestones. Latin America also holds a large population that could mean new potential consumers for Australian businesses. It is also home to good natural resources that are ideal for export. And aside from that, Australia can benefit services that Latin American can offer, with low labor cost.
Latin American business can hold on to the high GDP of Australia, a good destination for investment. Alongside this and trade matters, Latin America as a whole can benefit Australia’s diplomatic actions towards migration. Australia is known for providing quality life to its people and immigrants, securing their education and professional life.
Because of legislation that was implemented and signed agreements between the two territories, the future only means progress for both regions. As they strengthen their cultural and economic ties, they are molding a relationship that practices the essence of collaboration by unlocking business potentials and diversifying their respective markets with wider access to each other’s goods and services. The solid relationship between Australia and Latin America will be all about economic success.