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EU trade with Latin America and the Caribbean: Overview and figures

16-12-2019

Collectively, the 33 countries forming the Community of Latin American and Caribbean States (CELAC) are the EU's fifth largest trading partner. The EU has fully fledged agreements with two Latin American groupings (Cariforum and the Central America group), a multiparty trade agreement with three countries of the Andean Community (Colombia, Ecuador, and Peru), and agreements with Mexico and Chile that are in the process of being modernised. Furthermore, the EU has inter-regional and bilateral framework ...

Collectively, the 33 countries forming the Community of Latin American and Caribbean States (CELAC) are the EU's fifth largest trading partner. The EU has fully fledged agreements with two Latin American groupings (Cariforum and the Central America group), a multiparty trade agreement with three countries of the Andean Community (Colombia, Ecuador, and Peru), and agreements with Mexico and Chile that are in the process of being modernised. Furthermore, the EU has inter-regional and bilateral framework agreements with both Mercosur and its individual members. The EU's agreements governing trade relations with Latin American and Caribbean subgroupings and individual countries differ considerably in terms of coverage and methodology, depending on the time at which they were concluded and the backdrop to the negotiations. The EU is currently modernising the trade pillars of its agreements with Mexico (an 'agreement in principle' was reached in April 2018) and Chile (negotiations are still ongoing) in order to align them to the current standards of EU FTAs. If the EU-Mercosur Association Agreement, which includes a trade pillar for which a political agreement was reached in June 2019, is successfully ratified, the EU would then have comprehensive agreements governing trade relations with nearly all of Latin America and the Caribbean (with the exception of Bolivia, Cuba and Venezuela).

International Agreements in Progress: The trade pillar of the EU-Mercosur Association Agreement

30-08-2019

On 28 June 2019, the European Union (EU) and the four founding members of Mercosur (the 'Southern Common Market') – Argentina, Brazil, Paraguay and Uruguay – reached an 'agreement in principle' on a free trade agreement (FTA) as part of a wider association agreement (AA). However, spurred by massive destruction of the Brazilian Amazon through large-scale forest fires, EU policy-makers and international environmental groups alike have since become increasingly vocal in expressing concerns about the ...

On 28 June 2019, the European Union (EU) and the four founding members of Mercosur (the 'Southern Common Market') – Argentina, Brazil, Paraguay and Uruguay – reached an 'agreement in principle' on a free trade agreement (FTA) as part of a wider association agreement (AA). However, spurred by massive destruction of the Brazilian Amazon through large-scale forest fires, EU policy-makers and international environmental groups alike have since become increasingly vocal in expressing concerns about the deal's potential environmental and climate change implications. EU farmers' associations with defensive interests have fiercely criticised what they have referred to as a 'cars for cows' deal. On the other hand, the deal has been warmly welcomed by EU industry associations and several sub-sectors of EU agriculture with offensive interests. If tariff and non-tariff barriers are eliminated or substantially lowered, the potential for growth in bi-regional trade in goods, services and investment is significant. In addition, the FTA would be a strong signal in favour of the rules-based multilateral trading system and against power politics in trade. After the agreement's legal review and translation, it will be presented to the Council for signature. It will then be submitted to the European Parliament for consent. Once the Council has adopted the decision concluding the agreement, it will be presented to EU Member State parliaments for ratification. First edition. The 'International Agreements in Progress' briefings are updated at key stages throughout the process, from initial discussions through to ratification.

Finding the right balance across EU FTAs: benefits and risks for EU economic sectors

17-10-2018

Globally, anti-trade sentiment is on the rise, meaning it is incumbent upon policymakers to explore and explain the benefits of free and open trade. This study examines the costs and benefits of various free trade agreements (FTAs) that the EU has completed, will complete, or is contemplating. With regard to completed FTAs, the EU has seen benefits in terms of consumer choice but has a much larger and positive impact on its partners (although not as much as ex-ante modelling would suggest). For forthcoming ...

Globally, anti-trade sentiment is on the rise, meaning it is incumbent upon policymakers to explore and explain the benefits of free and open trade. This study examines the costs and benefits of various free trade agreements (FTAs) that the EU has completed, will complete, or is contemplating. With regard to completed FTAs, the EU has seen benefits in terms of consumer choice but has a much larger and positive impact on its partners (although not as much as ex-ante modelling would suggest). For forthcoming or contemplated FTAs, the issue of non-tariff barriers must be considered for FTAs with developed economies to be a success, while comprehensive liberalisation with emerging markets improves trade and other outcomes for both the EU and its partner. Across all FTAs, trade and economic metrics are improved by an agreement while indirect effects (human rights, environment) are less likely to change. We conclude that the EU must continue its focus on comprehensive liberalisation, incorporating NTBs effectively into new agreements, while tempering expectations of influence on human rights.

Външен автор

Christopher HARTWELL, Veronika MOVCHAN