EMPOWERING EU-LATIN BUSINESSES FOR DEMOCRATIC AND ECONOMIC RESILIENCE IN EUROPE
The EU-LATIN Business Forum Declaration towards the 2024 EU Parliament Election
DECLARATION
The augmentation of the European Union's competitiveness should not occur at the detriment of its paramount trade and strategic affiliations with Latin America. Rather, cultivating closer bonds between these two regions can engender mutual advantages and sustainable advancement in times of geopolitical challenges.
The augmentation of the European Union's competitiveness is undoubtedly a crucial imperative in today's rapidly evolving global landscape. However, it is essential to recognize that this pursuit should not come at the expense of undermining the longstanding and strategically significant relationships it shares with Latin America. Instead, fostering closer bonds between these two regions presents a unique opportunity to not only safeguard but also enhance their collective interests and resilience, particularly in the face of mounting geopolitical challenges.
At a time when geopolitical tensions are on the rise, characterized by shifting power dynamics and heightened competition among global players, the importance of robust and diversified partnerships cannot be overstated. Latin America, with its rich endowment of natural resources, burgeoning markets, and strategic geographic position, holds immense potential as a key ally for the European Union. By strengthening ties with Latin America, the EU can diversify its economic and strategic partnerships, thereby reducing its dependence on any single region or actor. This diversification is vital for ensuring the EU's resilience and ability to navigate the complexities of the contemporary geopolitical landscape.
Moreover, cultivating closer bonds between the EU and Latin America can yield mutual advantages and foster sustainable advancement for both regions. By leveraging each other's strengths and resources, they can enhance their competitiveness, spur innovation, and promote inclusive growth. For instance, collaboration in areas such as renewable energy, sustainable agriculture, and digital innovation holds the promise of driving economic development while simultaneously addressing pressing global challenges such as climate change and food security.
Furthermore, deepening EU-Latin America relations can contribute to the promotion of shared values and principles on the global stage. Both regions are committed to upholding democratic governance, respect for human rights, and adherence to the rule of law. By working together, they can amplify their voices and influence in international fora, advocating for a rules-based international order and defending common interests in areas such as trade, climate action, and peace and security.
In this context, it is clear that the pursuit of the European Union's competitiveness should not be pursued in isolation but rather in tandem with efforts to strengthen its partnerships, particularly with regions as strategically significant as Latin America. By cultivating closer bonds between these two regions, they can navigate the uncertainties and challenges of the contemporary geopolitical landscape more effectively, while also unlocking new opportunities for mutual growth and prosperity.
Both regions encounter analogous challenges, including the imperative to fortify value chains while upholding environmental and labour rights, alongside safeguarding human rights within an increasingly multipolar world susceptible to a resurgence of Cold War dynamics.
The EU and Latin America espouse fundamental values such as multilateralism, equitable trade for communal development, democracy, adherence to the rule of law, human rights, and a robust cultural heritage grounded in Christian and classical European liberal principles.
The prosperity of both regions is intricately intertwined owing to various factors, including access to critical resources for energy transition (such as lithium), burgeoning markets, industrial value chains (Plan Sonora), and collaboration in innovation and investment (Horizon and Global Gateway). Thus, discerning an optimal balance for a regulatory framework that upholds environmental and human rights commitments is paramount. Placing the competitiveness of our regions at the forefront of the relationship is imperative.
Attaining sustainable and responsible supply chains necessitates a comprehensive and collaborative approach involving economic stakeholders, policymakers, and all pertinent entities. While legislation assumes a pivotal role, it should be supplemented by supportive measures such as dialogue platforms, assistance centres, information dissemination, and alignment of approaches. Ensuring equitable trade practices mandates fair and judicious application of legislation to third-country enterprises.
SPECIFIC PROPOSALS
1. Leveraging the Mexico-EU Inter-Parliamentary Commission for Dialogue on Emerging Digital Technologies, Especially AI:
Harnessing the Mexico-EU Inter-Parliamentary Commission as a pivotal platform for deliberation and enactment of appropriate legislation pertaining to emerging digital technologies, particularly Artificial Intelligence (AI), is imperative. This forum would enable collaborative efforts to address the ethical, social, and economic challenges posed by the rapid advancement of these technologies.
2. Enhancing Participation of Latin American Enterprises in Expert Group Meetings and Standardization Organization Work:
Ensuring greater involvement of Latin American enterprises in expert group meetings and providing access to the work of standardization organizations is essential. This inclusive approach will enable Latin American entities to share their expertise, fostering international harmonization and bolstering their contribution to global standards.
3. Developing Green Ecological Legislation through Inter-Parliamentary Delegations:
The imperative of achieving green and sustainable agriculture mandates concerted efforts by inter-parliamentary delegations to develop ecological legislation. This legislation must strike a delicate balance, preserving the value chains crucial for maintaining the prosperity and purchasing power of both Europeans and Latin Americans while advancing environmental sustainability.
4. Ratifying the Comprehensive Agreement between Mexico and the European Union to Boost Transatlantic Trade:
Completing the ratification of the comprehensive agreement between Mexico and the European Union is paramount. Such ratification would underscore the EU's unwavering commitment to enhancing its trade relations with North America, thereby solidifying commercial and strategic ties between the two regions.
5. Establishing an Inter-Regional Council to Combat Drug Trafficking:
Instituting an inter-regional council involving private initiatives and civil society organizations is indispensable in augmenting communication and collaboration channels to combat drug trafficking. This proactive approach will comprehensively address the multifaceted challenges posed by criminal syndicates engaged in illicit drug trade.
6. Creating a Handbook for Latin American Private Sector Engagement in European Legislation:
Given the proliferation of new European legislation, the creation of a clear and concise handbook is imperative to facilitate Latin American private sector engagement in European policymaking. Such a handbook will ensure transparency and equity, thereby preserving predictability and competitiveness in an increasingly multipolar world.
7. Re-evaluating Trade Policy to Navigate the Stagnation of the EU-MERCOSUR Trade Agreement:
Amidst the impasse surrounding the EU-MERCOSUR trade agreement, a critical reassessment of trade policy becomes imperative. The current stalemate necessitates a nuanced approach to mitigate potential ramifications on key trade alliances. It is paramount to ensure that legislative measures do not inadvertently exacerbate the deadlock or compromise the strategic interests of either party. Therefore, proposing the establishment of an EU-LATAM Inter-Regional Trade Council assumes heightened significance. This council would serve as a platform to foster dialogue and provide invaluable insights to the European Commission and the European Parliament, facilitating informed decision-making. By navigating the challenges posed by the stagnation of the EU-MERCOSUR trade agreement with foresight and strategic acumen, the European Union can uphold its commitment to sustainable trade practices while safeguarding its key partnerships in the Latin American region.
CONCLUSION
In conclusion, it is evident that by prioritizing mutual respect, cooperation, and shared objectives, the European Union and Latin America stand poised to forge a more robust and enduring relationship. This relationship holds the potential to yield significant economic, social, and environmental benefits for both regions.
By embracing a comprehensive approach to address the common challenges they face, ranging from the imperative of sustainable supply chains to the necessity of combating drug trafficking and advancing technological regulation, the EU and Latin America can chart a course towards sustainable development and prosperity for future generations.
Moreover, this collaborative endeavor is not merely about addressing immediate concerns but also about laying the groundwork for a resilient and adaptable partnership capable of navigating the uncertainties of the global landscape. It entails fostering an environment of trust, dialogue, and mutual understanding, where differences are seen as opportunities for growth and innovation rather than obstacles to cooperation.
Furthermore, the proposed additional measures, from leveraging inter-parliamentary platforms for legislative dialogue to facilitating private sector engagement in policymaking, underscore the depth and breadth of potential collaboration between the EU and Latin America.
Ultimately, as we embark on this journey of strengthening EU-Latin America relations, it is imperative to remain committed to the principles of inclusivity, equity, and sustainability. By doing so, we can build not only a stronger partnership between our regions but also a more prosperous and harmonious world for all.
