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Brazil summit boosts hopes for Mercosur deal

Posted by Nick Prag at 27 February 2014, 16:00 CET |
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As football fans look forward to this summer's World Cup in Brazil, the country's president Dilma Rousseff met this week with the EU in Brussels in a meeting which re-affirmed the EU's privileged relationship with an important economic and political partner.

The EU is Brazil's main trading partner, and the number one destination for Brazil's exports and imports.

At the summit, discussion focused on how to accelerate economic growth, how to tackle global challenges, on climate change and particularly with regard to the issue of cyber-security, and how to cooperate more effectively on foreign and security issues.

A key focus of the summit was the opportunity provided for both parties to confirm their commitment to an ambitious, balanced agreement between the EU and Mercosur - which brings together Argentina, Brazil, Paraguay, Uruguay, and most recently Venezuela, negotiations over which have stuttered over more than a decade.

Mercosur is a large market which has considerable growth potential. EU investments in Mercosur amount to more than EUR 285 billion in 2012 - more than EU investments in China, India and Russia combined.

Talks have increased momentum recently, and the parties say they are on track to exchange market access offers.

Brazil is an important partner in Mercosur. Success with these talks would help Europe to export its way back towards growth, as well as opening new markets for Mercosur's farmers.

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Nick Prag

Nick Prag

Nick Prag is founder and managing editor of EUbusiness.com. Prior to EUbusiness, he was senior editor at Europe Online SA in Luxembourg, where he played a major part in the launch of Europe Online International.