EUROPEAN UNION AND LATIN AMERICA : THE MAIN FORMS AND TRENDS OF INTERREGIONAL COOPERATION

Abstract

The article observes the evolution of bi-regional cooperation between the EU and Latin-Caribbean America (LCA). The author pays special attention to the obstacles that impede the interregional interaction in recent years. Some other difficulties and prospects in concluding new bi-regional agreements, including «EU-MERCOSUR» Treaty are analyzed. Also, the dynamics of economic cooperation during the first two decades of the 21 st century are traced. The article focuses on the specific characters of mutual foreign trade during the pandemic period. At the same time the author explores the promising forms of interregional «EU-LCA» interaction in the near future. The article shows that during the pandemic a wide range of interregional communication remained within the framework of common economic interests, among them the cooperation in the healthcare, in solving climate problems, investing in renewable energy sources, in protection of the multilateral trade system and searching synergies between the trade policy and the global Agenda 2030. The inclusion of challenges of sustainable development is the important task for partnership agreements with Mexico, Chile, and MERCOSUR - EU format. The European Union remains its status of a leading investor and the donor in the framework of official development assistance (ODA) programs for LCA countries. The author concludes that the post-pandemic period will be characterized by the certain adjustments in the global economic relations in a short-term perspective, especially in the recovery process from a sharp decline in the macroeconomic indicators on both sides of the Atlantic. Under the new conditions, the fragmentation of regional integration may intensify in the foreseeable future, and the role of the state in national economies may increase. At the same time, in the European and Latin American directions there may be an expansion of humanitarian ties between countries.