ABClatino Magazine Year 7 Issue 9 | Page 7

Video en Español / Video in Spanish

Por / By Portal  NODAL

 que cumple 10 años difundiendo noticias de Latinoamérica

celebrating 10 years spreading news from Latin America

European Union and CELAC:

an unequal relationship

Analysis by Pedro Brieger from  Sur y Sur TV

The historical unequal relationship between Europe and Latin America and the Caribbean is obvious every time there is a meeting between the two regions with such different interests and possibilities due to the financial and technological resources that exist on one side and the abundance of natural resources and raw materials that the other can provide.

Latin American leaders ask EU for fair,

just trade and mutual respect at EU-CELAC Summit.

Since its establishment in 2009 by China, Russia, India, and Brazil, and

with the accession of South Africa in 2010, the BRICS have become a new and strong voice in the international arena. 

The recent Johannesburg Summit might be a turning point for two reasons. First, there was the announcement at the end of the summit by head of the Shanghai-based New Development Bank Dilma Rousseff that the BRICS Bank would be increasing lending to its members in local currencies and would not attach the sort of conditions that come with loans from the IMF and that can have negative effects on economic growth, such as reduced public spending, austerity, and floating local currencies. Second, from 2024, six new countries among them Argentina will be incorporated into the organization thus representing almost ¼ of the global GDP and 42% of de global population.

What are the repercussions for Latin America when two of its largest countries and allies –Brasil and Argentina--, are part of this coalition of countries that looks to transform the world order.