Europe and Latin America to push forward trade
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With the fifth European-Latin American summit taking place this week, Peter Mandelson has said he wants to "push forward" trade negotiations between the two regions, according to Forbes.com.
The European Union (EU) Trade Commissioner recently highlighted the importance of reinforcing trade relations under the current conditions of economic uncertainty and has now told the news provider that the Lima Declaration will be used to emphasise the value of improving economic integration between the two regions.
"I will take the opportunity to discuss with my Latin American counterparts ways to push forward the ongoing bi-regional trade negotiations with the Latin American countries," Mr Mandelson said.
The EU is an important economic and political partner for Latin America since it is the region's biggest foreign investor and second most important trade partner.
According to the news agency, Latin America's Mercosur bloc represents 700 million people and European businesses are hoping that the Lima summit will boost lagging trade negotiations with the region.
"Positive trade negations between the European Union and Latin America could result in a large boost of foreign investment into the area. It is obvious that European investors will be prepared to bring in more funding to Latin America if trade links and relations with Europe are strong," Will Jackson, Emerging Earth.
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