“The EU and Latin America and The Caribbean in the new economic and social context” by ECLAC

Published in May 2015

This report was published by the Economic Commission for Latin America and the Caribbean (ECLAC) for the Summit of Heads of State and Government of the Community of Latin American and Caribbean States (CELAC) and the European Union (EU), held in Brussels on the 10th and 11th June 2015.

The document begins with an introductory chapter analysing the EU and CELAC’s economies and societies in an international context suffering significant changes in four arenas: the technology revolution, the globalisation of consumption patterns, the growing weight of the Asian economy in the global economy, and progressive environmental pressures.

The second chapter tackles three issues that are important for sustainable development: (i) the short and medium term dynamics of economic growth, productivity and employment; (ii) progress made in social inclusion and the route to greater equality; and (iii) the challenges of environmental protection.

The third chapter analyses trade relations and investment between both regions, bearing in mind the recent performance of international trade and bilateral foreign direct investment flows.

Finally, the last chapter studies the dynamics of the main sectors in which there is European investment in the region. It considers the problems facing micro, small and medium sized firms, and the considerable narrowing of the gap in the digital economy.

In conclusion, the report aligns itself with the tagline of the Summit: “Shaping our common future: working for prosperous, cohesive and sustainable societies for our citizens” and concludes that if both regions work together, progress can be made along the path of sustainable development coupled with greater equality.