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Multi-billion euro trade decline backdrop to EU-Brazil summit

brussels bureau

Multi-billion euro trade decline backdrop to EU-Brazil summit


Brazil’s President Lula da Silva, emotional after his country’s successful bid to hold the Olympics, has been in Stockholm for the third European Union-Brazil summit.

The two sides have been considering putting more pressure on the United States to set out its demands to conclude the “Doha” round of world trade talks in 2010. Trading partners say this is a prerequisite if any breakthrough is to be made before the end of the year to make meeting the deadline possible. The main issues on the Stockholm talks agenda included the global financial and economic crisis. According to EU figures, the value of EU exports to Brazil fell to 9.3 billion euros compared with 12 billion from the first half of 2008 to 2009. Imports to the EU from Brazil decreased by almost five billion euros in that period. The two sides said they are both committed to a successful climate change meeting in Copenhagen in December, and would meet again to discuss positions next month.

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