RIO DE JANEIRO, Jan 26 2013 (IPS) - The European Union’s serious economic and financial crisis stands in stark contrast to the relative stability and decade-long growth enjoyed by Latin America and the Caribbean and could put the two blocs on equal footing, giving the Southern region more leverage to further its demands and economic growth.
From the European Union to Latin America, protestors have taken to the streets against austerity policies. Credit: Nikos Pilos/IPS
The European Union (EU) is set to meet with the Community of Latin American and Caribbean States (CELAC) for a bi-regional summit in the Chilean capital of Santiago this Saturday, Jan. 26 and Sunday, Jan. 27.
The meeting will bring together heads of state or high government officials from the 60 countries that make up the two regional blocs, which have a combined population of 1.07 billion and strong cultural, historic and commercial ties.
For Chilean political scientist Esteban Valenzuela, of the Alberto Hurtado University, the bi-regional summit represents an opportunity for Latin America.
“This is probably the ideal time to ask (the EU) to reach a more global understanding and make free trade and agricultural barriers a two-way street that will facilitate investments and allow Latin Americans to invest in their depressed markets,” Hurtado said in an interview with IPS.
It is an opportunity that Latin America must, however, seize “without arrogance”, as the current cycle of high prices of copper, gold, natural gas, oil and other raw materials in the region won’t last forever.
“There are indicators that reveal that China’s economic growth is ‘slowing down’ and that India is facing problems, and these indicators (are a warning sign that) call for enhanced dialogue in the region, (urging it) to seize the opportunity to improve public policies that produce high deficits,” he added.