SANTIAGO, Chile —
A 60-nation summit wrapped up in Chile on Sunday with leaders from the European Union, Latin America and the Caribbean renewing calls for giving investors “legal certainty” and dropping barriers to trade between economies that together represent a billion people and $280 billion in commerce.
Chile’s president, Sebastian Piñera, declared that much progress was made toward a new strategic alliance between continents. “I’m fully convinced that we’ve taken a huge step forward. But it’s not enough. Now it’s time to act, to translate good intentions and agreements into results,” he said.
The key is to ensure that companies will not face shifting regulations if they make substantial long-term investments, said European Commission President Jose Manuel Barroso of Portugal.
“It’s true that Europe is the largest trading partner for Latin America. But it’s also true that we’re seeing an increase in Latin American investment in Europe, where they are most welcome,” he said. “Both sides need to provide legal certainty to companies investing in our economies.”
European Council President Herman Van Rompuy said the benefits of the E.U.’s free-trade deals with Colombia and Peru will soon be apparent, followed by freer trade between Europe and Central America. He also expressed optimism about a long-delayed treaty dropping trade barriers with South America’s Mercosur trade bloc now that leaders of Brazil and Argentina have promised to submit new proposals this year.
He said the discussions in Santiago “have given new momentum to our strategic partnership.”
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