Latin Business Chronicle: Benita Ferrero-Waldner-External Affairs Commissioner of the European Union : Reenergizing the Partnership with the EU

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Benita Ferrero-Waldner-External Affairs Commissioner of the European Union: Reenergizing the Partnership with the EU

"The hard facts and figures show very clearly how successful the EU partnership with Latin Amnerica has become. The EU is Latin America’s and the Caribbean’s second largest trading partner, its second-most important source of foreign direct investment – in some countries the main investor - and its main source of development assistance.Over the past fifteen years, trade flows between the two regions more than doubled. In 2005 alone, EU-trade with Latin America reached a value of 118 billion Euros. It is important to note that the LAC countries have a trade surplus with the world’s largest internal market, the European Union. And their exports are gradually shifting from primary goods to more sophisticated products. So our partnership is a catalyst of both change and growth."