IAI Papers, 18:08, April 2018.
Brazil is still the European Union’s largest economic partner in Latin America, despite Europe’s trade position having slightly declined following China’s rise to be Brazil’s main export market. The signature of the long-awaited EU–Mercosur association agreement, including free trade, would clearly improve bilateral relations and guarantee a long-term engagement of European enterprises in the Brazilian market. At the same time, both partners should push towards global economic and financial governance by creating new forums for convergence and the adoption of common positions at the World Trade Organization, the International Monetary Fund and the G-20. The bilateral, regional and international potential in an upgrading of Europe’s economic relations with Brazil is relevant and should not be left unexploited.
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