Latin American-EU trade tops £127bn
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Bilateral trade between the European Union (EU) and the Latin America-Caribbean region is now worth €160 billion (£127 billion) a year, while Caribbean products represent 19 per cent of exports shipped to the EU.
According to figures from the European Commission, the EU is the biggest investor in a number of countries in the region, with investment stocks totalling around 400 billion euro.
The main exports from Latin America to the EU are agricultural and energy products and the EU is the second most important economic partner for the region.
In 2006, Venezuela experienced the biggest growth in trade with the EU of any Latin American country with an increase of 44.8 per cent from the previous year, according to the Latin Business Chronicle.
Exports from Venezuela to the EU rose by 61.6 per cent in 2006.
The EU is currently in talks with Mercosur, which includes Venezuela, Brazil, Argentina, Paraguay and Uruguay, to negotiate a free trade agreement.
"A continued rise in trading between Venezuela and the EU certainly bodes well for both sides. As the 8th largest oil exporter in the world, Venezuela in itself represents a significant trading partner. In turn, there should be a corresponding increase in investment from EU citizens, back into the emerging markets of Venezuela.
"The tourist and construction industries, such as that represented by Caracola Beach and Spa project, will no doubt be significant gainers," Matt Legg, Emerging Earth.
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