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Latin America

The EU is Latin America's No 2 trading partner (No 1 for Mercosur and Chile).

This market of 530m people was growing at over 5% a year before the economic crisis and is returning to similar levels now.

Relations are governed by the EU-LAC Partnership (including the Caribbean countries), mainly through ministerial meetings (EU-Rio Group) and summits every 2 years.

Latin America

The EU is Latin America's No 2 trading partner

Trade statistics:
  • Goods trade (2010): €174bn (6.2% of total EU trade and 13.6% of Latin American trade)
  • Services trade (2009): €44bn (34% of total Latin American services trade)
  • EU imports: mostly primary products (mining products, fuels and agricultural)
  • EU exports: mainly industrial products (machinery, transport equipment, chemicals)
  • EU investment (FDI, 2009): €315.5bn (39% of region's total)
Countries of the Latin America region:
  • Ecuador
  • Guatemala
  • Honduras
  • Mexico
  • Nicaragua
  • Panama
Trade relations

Based on a series of bilateral and regional trade agreements. Most countries also benefit from unilateral trade preferences under the GSP/GSP+ schemes.

Trade concerns

The agreements generally aim at comprehensive market openings – based on ambitious commitments on tariff reductions, services coverage, market access for investment and government procurement. The agreements also establish rules on intellectual property, sanitary and phytosanitary standards and promote the convergence of technical requirements.

They include dispute-settlement mechanisms, to increase transparency and legal certainty for all economic operators.

Broader concerns

Issues related to sustainable development are taken into account in the agreements, for example environmental and labour rights.

Civil Society Organisations have been able to voice their views and join in the dialogue through a variety of forums and contact groups – not just on sustainable development, but also on the broader implementation of the agreements.

Technical assistance

To boost economic integration in the region, the EU provides trade-related technical assistance, especially for the countries with weaker economies. An example is support for creating a customs union in Central America.

Trade agreements
2010 EU-LAC summit

The last EU-LAC summit (May 2010, Madrid), focussed on innovation and technology for sustainable development and social inclusion. Notable results:

  • decision to re-launch negotiations on an EU-Mercosur association agreement
  • comprehensive trade agreement signed between EU, Peru and Colombia
  • endorsed the conclusion of the EU–Central America negotiations

Next summit – Santiago de Chile, 2012

Bilateral relations

Trade relations with key trading partners

Facts, figures, latest developments and archives.

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