Stemming from declarations taken at the third EEU-CELAC Summit, held July 17-18, 2023, the European Council yesterday embraced the group's Bi-regional Roadmap 2023-2025, a plan outlining the collaborative efforts to be implemented by Europe and Latin America and the Caribbean in areas including the international financial infrastructure, trade, the environment, digitalisation, justice and security, human rights and democracy.

At the summit, specific mentions were made of pending bilateral trade agreements with Chile, Mexico, Mercosur, the Global Gateway Investment Agenda, and the Digital Alliance for a fair digital and green transition. The EU further addressed the need for LAC's support for Ukraine's Peace Formula, an appeal to right the wrongs committed during the war, and for LAC to counter Russia's disinformation. The next summit is scheduled for 2025 in Colombia.

Why does it matter?

Latin America and the Caribbean have had long-standing agreements with Europe via several initiatives, such as the EU-Cariforum EPA, which have benefitted both sides. However, given developments in recent years, there is a need for updating the tenets of these agreements. The declarations taken at the Summit, therefore, serve to address many of the new and evolved concerns affecting both regions.