EU seeks trade breakthrough with Latin America

[pampango]

Source: BBC

The EU is to seek to revive stalled trade talks with Latin America at a summit in Madrid. Despite these difficulties, the EU is Latin America's second biggest trading partner and the biggest investor in the region.

The EU says it is backing Mexico's negotiations aimed at securing a binding global agreement on combating climate change. Mexico will host the next big conference on climate change, in Cancun in November-December.

Spain is keen to make progress with the LAC leaders in Madrid, as the current holder of the EU presidency and historically the dominant European power in the region. The Spanish Prime Minister, Jose Luis Rodriguez Zapatero, said that despite the economic crisis hitting his country he saw favourable conditions for Spanish firms to boost investment in Chile.

Peru's President Alan Garcia said Europe "has better chances to tap into Latin American growth harmoniously than with any other region of the world". The EU hopes to sign free trade deals with Colombia and Peru, and conclude another trade agreement with Central American countries.

Read more: http://news.bbc.co.uk/2/hi/europe/8686822.stm