International Trade

EU must seize Latin American opportunity

Published on 17 May 2010 at 11:00

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Latin America "wants Europe to give it a chance", leads El País, on the occasion of the EU-Latin America and Caribbean summit opening on 17 May in Madrid. The region “has consolidated democracy and avoided the global economic crisis”, writes the Spanish daily, noting that Central American states are poised to enjoy better trading relations with the EU as of 19 May, and that Mercosur, the South American trading bloc that includes Brazil, Argentina and Uruguay, is hoping to conclude a free trade agreement. With China set to become the second largest investor in the region after the US by 2020, this is an unprecedented opportunity for Spain’s EU presidency to press forward on negociations, El País argues. Otherwise, "the chance will be lost forever”. Mercosur now has the world’s fifth highest GDP, with Brazil having risen to the status of a global power in recent years, concludes the daily.

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