ECLAC identifies spaces and areas of opportunity for collaboration and investment ahead of the Summit between Latin America and the Caribbean and the European Union

A new document prepared by the Economic Commission for Latin America and the Caribbean (ECLAC) identifies and analyzes various areas for collaboration and investment in strategic sectors between Latin America and the Caribbean and the European Union, while offering some diagnoses, identifying opportunities and proposes work and political agendas for their expansion and deepening in the future, in order to achieve a sustainable and inclusive transition.

The publication entitled Opportunities for investment and collaboration between Latin America and the Caribbean and the European Union is a contribution by ECLAC to the Summit of Heads of State and Government of the Community of Latin American and Caribbean States (CELAC) and the European Union , which will be held on July 17 and 18 in Brussels, Belgium.

“ECLAC has prepared this document to contribute to a better understanding of the opportunity spaces available to both blocks of countries to boost growth and employment, face the enormous challenges of the current scenario and reinforce the call to action and cooperation to overcome limitations, take advantage of opportunities and create spaces of hope”, affirmed José Manuel Salazar-Xirinachs, Executive Secretary of the regional organization of the United Nations, who will be present in Brussels during the bi-regional meeting.

The publication urges the strengthening of relations between Latin America and the Caribbean and the European Union and analyzes 14 areas of opportunity for the revitalization of growth and the transformation of development models, which could be part of the productive commitments of the countries of the region and its territories within the framework of its productive development policies.

These sectors include: the energy transition, electromobility, the circular economy, the bioeconomy, the geographic rearrangement of production, the pharmaceutical and life sciences industry, the medical device industry, the export of modern services enabled by technologies of information and communications (ICT), advanced manufacturing, gender equality and the care society, sustainable water management, sustainable tourism, digital government and food security.

“These areas of opportunity are merely illustrative and others could be added. All of them open up new opportunities, not only for investment and growth, but also for collaboration and strategic alliances in the international arena,” the document underlines.

The publication highlights that, in terms of trade, the European Union currently has trade agreements in force with 25 countries in Latin America and the Caribbean, a figure that would increase to 29 countries upon signing and entry into force of the agreement reached with MERCOSUR in 2019. This makes the European Union the extra-regional partner with the largest network of agreements in the region.

It adds that both regions are facing a turbulent international scenario, marked by tensions between the United States and China, the weakening of the multilateral trading system, and disruptions in global supply chains caused by the COVID-19 pandemic and the war in Ukraine. .

In this context, the existing network of trade agreements constitutes a valuable asset for both blocks, since it can reinforce their respective initiatives aimed at achieving greater strategic autonomy by offering not only export opportunities but also a reliable supply of essential products.

The document emphasizes that the revitalization of investments between both blocs and the strengthening of productive links can reinforce a strategic alliance that supports the countries of the region in the fulfillment of the Sustainable Development Goals (SDGs) and that also supports the European Union in strengthening its international presence.

It also highlights that “in a context in which all countries in general, and in particular developed countries that have enormous resources, deepen industrial policy efforts, it will be essential that the region not only aim to scale up and implement its own efforts in this matter more strategically, but seeks to link up with the industrial policies of other countries. One way you can do this is precisely by attracting investment and collaboration,” he points out.

Finally, the publication reaffirms that “it will be key to align investment and collaboration opportunities between the European Union and the countries of Latin America and the Caribbean with the productive priorities defined by the countries within the framework of their industrial or productive development policies, both at the national and subnational levels.