The Inter-American Development Bank (IDB) and the Universal Postal Union (UPU) have signed an agreement to modernize postal services in Latin America and the Caribbean. The partnership is expected to enable the IDB to support countries as they incorporate the international guidelines and standards issued and promoted by the UPU. The institutions will also collaborate in researching data on trends and identifying existing gaps in postal services. The agreement includes sharing best practices and experiences from the modernization of postal services in other countries, which can be adapted and replicated in the region.
Postal services have unique advantages to facilitate trade, including a network that can reach remote areas, transaction logistics and links with other postal services and key actors in the trade process, such as customs and airlines. By improving these services across the region, the companies plan to increase commerce and develop the digital economy, especially for small and medium-size firms (SMEs), which account for about 99% of businesses in Latin America and the Caribbean.