Finnova Foundation

Finnova takes a closer look at the latest EU-Latin America summits

  • This week, the Eurolat Assembly session will discuss issues such as the environment, online education and trade.
  • It will also discuss the agreements reached at the EU-CELAC summit on climate change, trade, digital transition and multilateralism.

26/07/2023, Brussels. From Monday 24 to Thursday 27 July 2023, within the framework of the Spanish Presidency of the EU, Madrid will host the fifteenth session of the EuroLat Assembly, which will be attended by its 150 members (75 MEPs and 75 representatives of Latin American and Caribbean parliaments). During these days, EuroLat members will have the opportunity to evaluate the results and conclusions of the EU-CELAC (Community of Latin American and Caribbean States) summit held last week in Brussels. From the Finnova Foundation, we want to support this type of initiatives that encourage international cooperation between the European Union and Latin America, a territory involved in several of our projects and in which we are present, as we have our own delegations in Chile and Panama.

The EuroLat Assembly session consists of an extensive programme with meetings of different committees and working groups to discuss and draft reports and recommendations. These documents will be brought to the plenary session of the Assembly, which will be held in the Senate on Thursday 27 July, for debate and voting. Some of the topics on the agenda include the regulation of digital platforms, the challenges of COVID-19 in education and health, access to water, trade negotiations and the universal declaration of the rights of nature. In addition, forums and working group meetings on issues such as the situation of women and food security will also be held during these days.

The EuroLat Assembly is being held a week after the summit of EU leaders and the Community of Latin American and Caribbean States (CELAC) in Brussels, that took place on 17-18 July. EuroLat members will have the opportunity to evaluate the results and conclusions of the transcendental summit for both regions, as it was the first summit between these two organisations for 8 years.

Climate change and sustainable development, trade and investment, digital transition and multilateralism

The EU-CELAC summit has made clear the commitment of the leaders of both areas to renew their long-standing partnership, based on common values and interests and close economic, social and cultural ties. Among the different issues discussed in Brussels and which will be reviewed in Madrid, four stand out: climate change and sustainable development, trade and investment, the digital transition and multilateralism.

On climate change, leaders reaffirmed their commitment to protect the planet and combat global warming, to continue efforts to keep the global goal of 1.5°C within reach and to lead the shift to a sustainable economy. Leaders committed to cooperate to mitigate the adverse effects of climate change and environmental degradation and to accelerate the implementation of agreements, conventions and treaties on the Sustainable Development Goals, climate change efforts, biodiversity, desertification and ocean protection.

In terms of trade, the EU, Latin America and the Caribbean have one of the densest trade networks in the world, with total trade in goods and services amounting to €369 billion in 2022. Leaders recognised the importance of open and fair trade, productive supply chains and market access, as well as their contribution to sustainable development. They welcomed the ongoing work on the EU-Chile and EU-Mexico trade agreements and discussed how to further strengthen economic and trade links between the regions.

The digital transition was another key theme of the summit, and the importance of promoting a responsible, people-centred, value-based and inclusive digital transformation was highlighted. Leaders also noted the need to protect privacy rights, increase digital connectivity and cybersecurity, bridge digital divides and help build trust in the digital economy.

The final highlight of the meeting was the agreements related to multilateralism, with members making a shared commitment to democracy, human rights and fundamental freedoms, the rule of law, inclusive multilateralism and international cooperation, in line with the principles enshrined in the UN Charter and international law. In this context, the leaders pledged to fight discrimination and gender-based violence, promote gender equality and enhance cooperation in international financial institutions and multilateral organisations, among other actions.

About Finnova Foundation

FINNOVA is a foundation working for the promotion and development of innovation and entrepreneurship at EU level. Based in Brussels with an affiliated organisation in Spain, FINNOVA operates through collaborations and partnerships in all EU countries. FINNOVA’s expertise in leading communication and dissemination activities for EU projects is combined with a strong proven track record in start-ups and business support programmes such as accelerators, incubators and selection events and award ceremonies. FINNOVA also supports EU projects through advocacy and EU-level analysis of the legal and regulatory framework and barriers, to support the advancement of innovation across Europe.

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