EU-CELAC Summit: EU needs to show real commitment to strengthen economic ties with the region

BusinessEurope President Fredrik Persson will speak at the Business Roundtable on 17 July

14 July 2023 - Ahead of the EU-CELAC Summit on 17-18 July 2023, BusinessEurope President Fredrik Persson outlined the European business community’s expectations:

"The Summit must demonstrate the EU’s strong commitment to the region, its willingness to trade, invest and contribute to economic growth in Latin America and Caribbean countries.   

There is a great potential to expand our economic cooperation. The EU-Mercosur Free Trade Agreement would create one of the largest free trading areas in the world, covering nearly a quarter of global economy and 31% of the world’s goods exports.

The existing trade agreements with Chile and Mexico need to be modernised to match today’s economic realities. Chile is particularly important for Europe’s strategy to secure more access to critical raw materials, as it represents 25% of the world’s lithium and 28% of the global cobalt extraction.

Finally, the Summit is an opportunity for the EU to strengthen its political ties in the region at a time of increasing geopolitical tensions. The EU must build alliances with all those willing to support a rules-based international order and cooperate on the major global challenges."