Commission lays out a new vision for EU-Latin America relations

The Commission presented a renewed policy designed to strengthen the EU-Latin America strategic partnership. With its Communication « EU-Latin America: Global Players in Partnership » the Commission assesses the state of play of the bi-regional relationship and outlines the targets and objectives for the coming years. In view of the next EU-Latin America/Caribbean Summit to be held in Spain in spring 2010, it identifies and provides new orientations and policy recommendations to tackle challenges affecting both regions, such as climate change, the economic and financial crisis, energy security, and migration. Furthermore, the Communication proposes the setting up of the Latin America Investment Facility (LAIF) which would have a leverage effect to mobilise resources from financial institutions to finance projects in energy infrastructure, including energy efficiency and renewable energy systems, transport, environment and social cohesion.

Commissioner for External Relations and European Neighbourhood Policy, Benita Ferrero-Waldner, commented : “ This Communication is another visible and tangible step towards the strengthening of our already well-established and flourishing relationship. It is testimony of the significance of both the European Union and Latin America as important actors on the global scene particularly in facing the challenges like the financial and economic crisis, climate change, migration. By working together better we directly contribute to peace and stability in the region and to its further development by increasing social cohesion, improving democratic governance and deepening regional integration. To this effect, the new Investment Facility will allow for wider investments particularly on infrastructure and thus create new jobs and enhance economic development in the region. I am pleased that today we are sending a clear sign of our commitment to our Strategic Partnership with the region and I look forward to a successful EU- Latin America and Caribbean Summit in Spain next year. “

Recommendations in view of the upcoming EU-LAC Summit, May 2010:

• Ensure that the Summit takes into account the impact of the crisis, in particular, on employment and social issues, and yields viable results.
• Launch the Latin America Investment Facility (LAIF).
• Step up dialogue and cooperation between both regions in the field of low carbon and green technologies and innovation with concrete action, including boosting institutional capacity for S&T cooperation in the region.
• Mark the creation of the EU-LAC Foundation.
• Encourage cooperation on issues of common concern between Latin America and the Caribbean."

Commission press releases: http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/1385&format=HTML&aged=0&language=EN&guiLanguage=en