Thursday

25th May 2017

Trade and 'better relations' close EU-Latin America summit

  • The EU wants to increase trade with Latin American and Caribbean countries (Photo: dietadeporte)

EU leaders at a 60-nation trade summit in Chile over the weekend said European businesses are sometimes subject to legal uncertainties in Latin American and Caribbean countries.

“We're seeing an increase in Latin American investment in Europe, where they are most welcome. Both sides need to provide legal certainty to companies investing in our economies,” said European Commission chief Jose Manuel Barroso on Sunday (27 January), reports the AP.

Dear EUobserver reader

Subscribe now for unrestricted access to EUobserver.

Sign up for 30 days' free trial, no obligation. Full subscription only 15 € / month or 150 € / year.

  1. Unlimited access on desktop and mobile
  2. All premium articles, analysis, commentary and investigations
  3. EUobserver archives

EUobserver is the only independent news media covering EU affairs in Brussels and all 28 member states.

♡ We value your support.

If you already have an account click here to login.

With some €385 billion invested in 2010, the EU remains the continent’s largest leading foreign investor – higher than EU foreign direct investment in Russia, China and India combined, says the commission.

Among the EU delegation, German Chancellor Angela Merkel said the steady growth projections in Latin America would benefit the EU’s debt-ridden member states.

“The most important thing for countries here is that they have the impression that we in the eurozone are overcoming the crisis together, and not leaving some countries hanging,” said Merkel.

The EU concerns stem in part from the Argentinian state take-over last April of oil firm YPF from its parent, Spanish-owned Respol.

EU trade commissioner Karel De Gucht at the time instructed the EU delegation in Geneva to file a legal complaint at the World Trade Organisation on alleged Argentine protectionism.

Aside from creating a sound business legal framework at the two-day summit, the EU delegation also pushed to lower trade barriers and set-up a free-trade pact.

The EU managed to signed off a series of trade agreements with Peru and Colombia as well as an association agreement with Central America. The signed agreements will come into force shortly, said Barroso.

But reactions to a number of the EU’s requests were mixed.

The Latin bloc said the EU’s highly subsidised agricultural sector is forcing out international competition.

Bolivian President Evo Morales also rejected the EU demand for profit guarantees in a country that is now a major recipient of EU development funding.

The Bolivian leader said access to basic services like water and electricity belongs to the mostly rural indigenous poor and not large-foreign owned corporations.

Argentina’s president Cristina Fernandez said she couldn’t agree to deals that would create unfair competition for home-based businesses for the sake of EU interests.

"We have to prevent and consider these asymmetries, to avoid hurting our industries and, above all, our people," she tweeted.

Spanish oil company sues Argentina

The Spanish oil and gas giant Repsol-YPF filed a lawsuit against Argentina at a US district court in Manhattan on Tuesday for nationalising its majority-owned stake in the energy company YPF.

EU edges toward Canada free trade deal

EU Trade Commissioner Karel de Gucht will meet Canadian Prime Minister Stephen Harper as the EU executive steps up its bid to secure the latest in a series of lucrative free trade agreements.

Portugal held up as symbol of EU recovery

Portugal to sail out of troubled waters after eight years of financial crisis, EU commission predicted, amid broad but "fragile" recovery in European economy.

News in Brief

  1. Pressure grows on climate impact of EU timber harvesting
  2. US goes after Fiat Chrysler over emissions cheat
  3. Munich police break up Europe-wide burglar clan
  4. Report: VW threatened with €19.7 billion French fine
  5. Turkey begins mass trial of suspected coup leaders
  6. Merkel's CDU consolidates lead in polls
  7. France to host Russian president
  8. Switzerland votes against nuclear power

Stakeholders' Highlights

  1. UNICEFChild Alert on Myanmar: Fruits of Rapid Development yet to Reach Remote Regions
  2. Nordic Council of MinistersBecome an Explorer - 'Traces of Nordic' Seeking Storytellers Around the World
  3. Malta EU 2017Closer Cooperation and Reinforced Solidarity to Ensure Security of Gas Supply
  4. European Healthy Lifestyle AllianceHigh-Intensity Interval Training Is Therapeutic Option for Type 2 Diabetes
  5. Dialogue Platform"The West Must Help Turkey Return to a Democratic Path" a Call by Fethullah Gulen
  6. ILGA-EuropeRainbow Europe 2017 Is Live - Which Countries Are Leading on LGBTI Equality?
  7. Centre Maurits CoppietersWhen You Invest in a Refugee Woman You Help the Whole Community
  8. Eurogroup for AnimalsECJ Ruling: Member States Given No Say on Wildlife Protection In Trade
  9. European Heart NetworkCall for Urgent Adoption of EU-Wide Nutrient Profiles for Nutrition & Health Claims
  10. Counter BalanceInvestment Plan for Europe More Climate Friendly but European Parliament Shows Little Ambition
  11. Mission of China to the EUPresident Xi: China's Belt and Road Initiative Benefits People Around the World
  12. Malta EU 2017EU Strengthens Control of the Acquisition and Possession of Firearms

Latest News

  1. Openness over Brexit is 'political play', says EU ombudsman
  2. Le Pen's EU group in fresh spending scandal
  3. New EU right to data portability to cause headaches
  4. Cyber threats are inevitable, paralyzing impact is not
  5. Transparency complaints keep EU Ombudsman busy
  6. EU sets out criteria for relocating UK agencies
  7. EU states back bill against online hate speech
  8. Dutch coalition talks collapse again