EU Seeks To Revive Latin America, Caribbean Ties As It Turns Away From China, Russia

The European Union (EU) pledged more investment for Latin America and the Caribbean at a summit on Monday as part of a revamp of its international relationships prompted by Russia's war on Ukraine and the growing wariness of China.
As over 50 leaders from the three regions gathered in Brussels for the two-day EU-CELAC (Community of Latin American and Caribbean States) summit, European Commission President Ursula von der Leyen told a business forum that Latin America, the Caribbean and Europe needed each other more than ever.
The EU is looking to forge new energy partnerships after severing ties with Russia, which was the bloc's biggest gas supplier before the Ukraine invasion in February last year.
It also wants to reduce its reliance on China and build new alliances to secure minerals critical for electric vehicles and the broader transition to a low-carbon economy, a supply chain China dominates.
"The world we live in is more competitive and conflictual than ever before. Still reeling from the heavy toll of the COVID-19 pandemic, the world is taking a hard impact from the Russian aggression against Ukraine," she said. "And this happens against the backdrop of China's growing assertiveness abroad," she added.
She said the EU was planning 45 billion euros of investment in Latin America and the Caribbean as part of its Global Gateway scheme, widely seen as a rival to China's Belt and Road programme of infrastructure investments.
While the EU has acknowledged that its Latin American partners have sometimes been overlooked as China's role in the region has risen, it is now eager to re-engage.
This renewed engagement and investment from the EU could bring significant economic opportunities to the region, potentially boosting growth, creating jobs, and fostering sustainable development. It could also help to diversify the region's international relationships and reduce its reliance on any single partner.

(Source: Reuters)