Monday Memo: U.S.-Cuba Talks — Colombia Peace Talks — Latin American Currencies — New Uruguayan President — Peruvian Ecotourism
This week’s likely top stories:U.S.-Cuba talks promising; New delegation for FARC peace talks; Dollar strengthens against Latin American currencies; Tabaré Vázquez takes office; Peruvian businesses to learn from Costa Rican ecotourism.
U.S.-Cuba Normalization Talks Promising: After two rounds of talks—one in Havana last month and the second in Washington DC on Friday—the U.S. and Cuba announced that the re-opening of a U.S. embassy in Havana before the April 10-11 Summit of the Americas is not out of the question. While U.S. Assistant Secretary of State for Western Hemisphere Affairs Roberta Jacobson and her counterpart—Joséfina Vidal Ferreiro, the director for United States Affairs at the Ministry of Foreign Affairs of Cuba—agreed that the talks were productive, Cuba remains on the State Departments Sponsors of Terrorism list and the Cuban Interests Section in Washington DC remains unbanked. While not a precondition for further normalization, Vidal emphasized that the removal of Cuba from the terrorism list was a top priority. U.S. Secretary of State John Kerry emphasized that the terrorism list was an issue separate from the negotiations, and that the review of Cuba’s position on the list would go through Congress. In simultaneous addresses on December 17, U.S. President Barack Obama and Cuban President Raúl Castro announced the re-establishment of relations after Cuba released 65-year-old former U.S. Agency for International Development (USAID) contractor Alan Gross on humanitarian grounds and the U.S. released the three remaining “Cuban Five.”
Colombian President Announces New Delegation for FARC Peace Talks: Colombian President Juan Manuel Santos announced on Monday that a new delegation of negotiators will be sent to Havana, Cuba on Tuesday to join the ongoing peace talks with the Fuerzas Armadas Revolucionarias de Colombia (Revolutionary Armed Forces of Colombia—FARC). The emissaries—five active generals and one admiral of the Colombian Armed Forces—are joining the peace talks with the purpose of discussing a bilateral ceasefire. Santos also commented on the possibility of reaching a solution with the United States to not extradite FARC leaders, should an agreement ending the conflict be reached. Last week, former UN Secretary-General Kofi Annan attended the talks, declaring that any agreement must be just and meet international standards. “Transitional justice is an issue of concern and controversy,” he said. “However, I would like to emphasize that justice must fit the Colombian context—while respecting international minimum standards. No one shoe fits all.”
Dollar Strengthens Against Latin American Currencies: Several currencies in Latin America are at their lowest levels in years, due to the decline in commodity prices and the expansion of the U.S. economy. Higher U.S. interest rates are expected to drive funds out of riskier emerging markets, contributing to currency weakness in the region. This week, however, several currencies may make profits, with operators seeking to exchange them for dollars to avoid the risk of a currency relapse later in the year, in which the dollar may weaken. In Brazil, the real may decline to 3 reais per dollar this week, causing a further devaluation of the Brazilian currency as market players turn to the dollar. The Colombian peso may move from 2,480 to 2,600 pesos per dollar in the next few weeks. In Peru, the dollar is expected to continue strengthening against the Peruvian Nuevo Sol from 2.96 to between 3.090 and 3.105 Nuevos Soles per dollar. The Argentine peso will likely continue its slight decline to an official 8.77 pesos per dollar, but the informal market levels continue to stay at 13 pesos per dollar. Increased purchasing of dollars may continue the Latin American currency devaluation trend seen in the past five years.
Uruguayan President Tabaré Vázquez Takes Office: Uruguayan President Tabaré Vázquez was inaugurated on Sunday, taking over from 79-year old President José Mujica. Vázquez, a 75-year old oncologist who served as president from 2005-2010, represents the Frente Amplio (Broad Front—FA), a leftist coalition party. In his inauguration speech, Vázquez called for national unity, particularly regarding public education, health and housing. Vázquez will inherit a growing economy and historically low unemployment rates. This transfer of power marks 30 years of uninterrupted democracy in Uruguay since President Julio María Sanguinetti‘s 1985 election ended the country’s 12-year dictatorship. “I would like to earnestly greet the 30 years of uninterrupted democracy we enjoy in Uruguay,” said Vázquez.
Peruvian Businesses to Learn from Costa Rican Ecotourism Best Practices: Sixteen Peruvian businesses are attending the Seminario Internacional de Desarrollo y Gestión de Productos y Servicios Turístico Sostenible (International Seminar for Development and Management of Sustainable Tourism Products and Services) in Costa Rica from March 1-8 to learn best practices regarding ecotourism. Participants in the week-long seminar, organized by La Asociación Costarricense de Profesionales en Turismo (Costa Rican Association of Tourism Professionals—Acoprot), will visit Costa Rican businesses that have successfully created sustainable products and business models. The Peruvian entrepreneurs will learn from tourist guides, sustainable companies and hotels, and will participate in site visits to parts of Costa Rica that have applied sustainable tourism methodologies—the Monteverde Cloud Forest and La Fortuna volcano. The seminar offers technical round tables, keynote speeches and workshops.
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