SANTIAGO, Aug. 23 (Xinhua) -- The newly opened Latin American-Asia Pacific Institute is a useful mechanism to boost discussion and cooperation on public policies in both regions, a senior official of the Development Bank of Latin America (CAF) told Xinhua Friday.
"The institute will favor the discussion on public policies of Latin America in its relation with Asia Pacific," Luis Enrique Berrizbeitia, vice president of the bank, said at a seminar on China and Latin America.
The institute, which officially opened on Friday, is an initiative boosted by the CAF, the Economic Commission for Latin America and the Caribbean (ECLAC), and the Latin American Integration Association.
Stressing the importance of boosting mutual understanding between China and Latin America, Berrizbeitia said the institute is aimed at "promoting regional networks of experts and discussion platforms on basic or critical issues for the development of the Latin American region," and will help deepen the ties between the two regions.
"It is necessary to take advantage of the last stretch of the current super economic cycle to review Latin America's strategies to face global markets and the relation with Asia-Pacific," Berrizbeitia said.
The institute will carry out studies that will provide information and basis to design and apply policies addressed to deepen cooperation between the two regions, and also create mechanisms to systematize the information on trade of goods, investments, agreements and negotiations, the official said.
The CAF promotes a sustainable development model through credit operations and non-refundable resources, and supports the technical-financial restructuring of public and private sectors.
Based in Caracas, Venezuela, the bank is owned by 18 countries Latin America, the Caribbean and Europe, as well as 14 private banks from the Andean regions.