Press Release

Commerce Secretary Gutierrez Discusses U.S.-Uruguay Trade and Expanding Economic Cooperation in Montevideo

MONTEVIDEO, URUGUAY—U.S. Commerce Secretary Carlos M. Gutierrez today met with Uruguayan President Tabaré Vázquez as well as Uruguayan senior government officials and business community representatives to discuss ways to promote greater bilateral trade, economic growth and opportunity between the United States and Uruguay. The meetings follow President Bush's March, 2007 Uruguay visit to emphasize the U.S. commitment to the Vázquez Administration and to expanding U.S.-Uruguay economic partnership.

"The United States is committed to growing our bilateral relationship with Uruguay and our common agenda to advance freedom, economic opportunity, and social justice throughout the hemisphere," said Gutierrez. "I commend President Vázquez for working to elevate the standard of living in the region by embracing economic reform and advancing innovation and education in Uruguay."

Joining Gutierrez in the meeting with President Vazquez were Minister of Foreign Affairs Reinaldo Gargano and Industry Minister Jorge Lepra.

Following this meeting, Gutierrez and Minister Lepra signed a letter of intent (LOI) committing the Department of Commerce's cooperation with the Government of Uruguay on the issues of innovation and competitiveness. The LOI continues the work begun at the inaugural Americas Competitiveness Forum hosted in Atlanta in June, and Uruguay's follow-up symposium on Innovation.

Gutierrez will also meet with Uruguayan entrepreneurs from the high-tech and software sectors and the leadership of Uruguay's newly-created Innovation Agency.

"Uruguay has made great progress in opening doors for business, creating advances in technology and improving education," said Gutierrez. "By working together, both bilaterally and regionally, we can ensure that we have robust, dynamic business environments and flexible, skilled talent pools that are equipped to meet the challenges of the 21st century and to compete globally."

Between 2002 and 2006, U.S. exports to Uruguay grew 131 percent—from $209 million in 2002 to $482 million in 2006—outperforming overall U.S. export growth, which was 14 percent for the same period.

The United States is Uruguay’s third-largest trading partner, accounting for 12.8 percent of Uruguay’s exports and supplying 6.8 percent of the country’s imports in 2006. Uruguay-U.S. bilateral trade has more than doubled since 2002, rising $583 million to $995 million in two-way trade in 2006.