Event: “Uruguay’s Opening to the World” in collaboration with Ceres

As part of its “Conversations Series,” Zonamerica, in collaboration with the Center for the Study of Economic and Social Reality (Ceres), organized the event “Uruguay’s Opening to the World,” during which journalist and broadcaster Daniel Supervielle interviewed Ignacio Munyo, executive director of the Uruguayan think tank.

The opening of the event, held in the auditorium of the Celebra building, featured a presentation by Orlando Dovat, president of Zonamerica, who highlighted the opportunity to analyze the economic, political, and social realities of the country, the region, and the world.

“Today, everything is constantly changing; it’s worth sharing our perspectives and exploring the possibilities for Uruguay, as well as the responses and solutions we can offer,” he said.

During the interview, Munyo spoke about the importance of participating in international trade fairs and mentioned the recent experience in Dubai. “The Uruguayan pavilion was one of the few to be visited by the sheikh, and attendance was very good,” he said.

However, he stressed that the country must “market itself much better” and that “it has the capacity to do so.” In this regard, he highlighted Uruguay’s participation in Expo Osaka in 2025, because “Japan is key and represents an opportunity to position Uruguay as a hidden gem in Latin America.”

The economist also reflected on the potential free trade agreement with China. He argued that it is necessary to analyze the current international political landscape in the context of the trade war between the United States and China. “Today, building closer ties with China is much more costly—not from a commercial standpoint, but in terms of image and institutional framework,” he noted.

In any case, he viewed the decision to move forward with a feasibility study between the two countries as a positive step, noting that “Uruguay must open up to the world” and that such openness “is the mother of all reforms.”

As an alternative, he mentioned the Trans-Pacific Partnership, which Uruguay plans to seek to join. However, he explained that certain requirements must be met, primarily related to the management of state-owned enterprises.

He also highlighted the role of free trade zones in opening Uruguay up to the world. “Tax incentives are provided that enable world-class companies to set up operations in the country, creating 30,000 quality jobs, including both direct and indirect employment,” he noted.

However, he noted that there is concern regarding the 15% global minimum tax on multinationals in the countries where they operate, which was agreed upon last year with the signatures of 130 nations, including Uruguay. “The strategy for attracting investment relies on special regimes, such as free trade zones and incentives for the software industry. We must remain vigilant on this issue, which directly affects Uruguay,” he emphasized.

Finally, the economist outlined the path Uruguay could take and cited Australia’s reform as an example—a reform driven in the 1980s and 1990s through the creation of a Productivity Commission that brought together political and social actors to jointly promote the country’s trade liberalization. “They opened up unilaterally, lowering tariffs and import duties. It was a revolution, because they had a highly protected industry, with inefficient state-owned enterprises, a level of unionization similar to Uruguay’s, and centralized labor regulations,” he summarized.

Munyo noted that Uruguay could move toward a reform similar to Australia’s, since there are issues that “transcend ideological divides, such as the world of work, automation, and technology.”

At the end of the event, attendees had the opportunity to view a photography exhibition on Dubai by Uruguayan photographer Leo Barizzoni.