| The EU and Brazil ties bond |
|
|
|
| World Affairs Talk | |
| Tuesday, 05 June 2007 | |
|
The EU announced, it will establish a strategic partnership with Brazil by the end of this month to make the South American country the seventh in the list outside Europe to enjoy special ties with the giant 25-nation bloc. This strategic partnership will allow EU to further develop co-operation with Brazil in key sectors such as energy, maritime transport and regional development. EU foreign ministers plan to meet on 18-19 June in Luxemburg to make a decision on the partnership. An EU-Brazil summit will follow on 4 July in the Portuguese capital Lisbon. Then, Brazilian President Luiz Inacio Lula da Silva will be invited by the EU as a special guest on a biofuel forum set for 5-6 July in Brussels. Brazil is the fifth largest country in the world, both in terms of territory and population. It is an upper middle income country with a GDP of $ 604.0 billion and a GDP per capita of $ 3,326.21. The EU has a total investment of 107 billion in Brazil and up to 22 percent of Brazilian exports are destined for Europe. The EU’s present relations with Brazil are based on the 1992 EC-Brazil Framework Co-operation Agreement and the 1995 EU-Mercosul Framework Co-operation Agreement, the latter having as its long term objective the preparation of an Inter-Regional Association between the EU and Mercosur. Negotiations have been taking place since 1999 to establish such an association, including the creation of a free trade area. The EU on several occasions in the past expressed its interest in developing a strategic partnership with Brazil because of the country's increasing economic clout and presence on the world stage - a move that could boost trade and investment in the South American country to the benefit of property investors. The EU also acknowledged Brazil's growing international prominence as it becomes a major agricultural exporter and a destination for European trade and investment. An effective EU-Brazil bilateral cooperation will certainly push ahead the UN reform, check global warming, safeguard world peace and develop substitute fuel in the South American region. This partnership gets further weights as the EU hopes to boost ties with the Southern Common Market (Mercosur) by using its good relation and agreement with Brazil. Mercosur, a trade bloc made up of Argentina, Brazil, Paraguay, Uruguay and Venezuela rejected the EU's agricultural subsidies and demanded greater concessions for its products to enter Europe. The two sides have yet to strike a deal after years of negotiation. The EU set up strategic partnership with the United States, Canada, China, Russia, India and South Africa to be active in the region. Share & Bookmark             |
|
| Last Updated ( Wednesday, 06 June 2007 ) |
| < Prev | Next > |
|---|
