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EU-LAC economic diplomacy: restarting relations at the highest level
We recently published an article on the strategic path that the Spanish Presidency has set for Europe’s near future. This refers to bringing the EU closer to Latin American and Caribbean countries through the conclusion of new alliances.
2023 will be marked by the relaunch of Euro-Latin American relations at the highest level, which will be marked by the 3rd EU-CELAC Summit held in Brussels on 17 and 18 July and the 2nd EU-CELAC Summit. This is reflected in the appointment of Spain’s chairman of the board. This greatly facilitated the strengthening of political, economic and social meeting spaces between the two regions.
Against this background, Telefonica and the Carolina Foundation have focused their annual research program on the economic aspects and prospects of the two European strategies launched for Latin America. global gateway EU-LAC Digital Alliance.
“Digitales, aka Verdes: Impact Economy, Social and Media Environment Early Stages Global Gateway and Alianza Digital UE-America Latina and El Caribe” This is a research study conducted by a team of independent chartered economists examining the potential for emerging bi-regional economic and digital challenges.
Latin America and the Caribbean face new development challenges
As the report details, these two initiatives represent a great opportunity for the Latin American region to overcome its challenges. Development challenges – avoid The institutional, productivity, social and environmental traps that all countries face.
The purpose is to: i) Promote innovation and production efficiency. ii) Promote the regularization of the Latin American economy and labor market; iii) strengthening public institutions and production efficiency; ii) Promote the regularization of the Latin American economy and labor market; iii) strengthening public institutions and a stable and predictable regulatory framework; iv) Toward better infrastructure, sustainable business, production and consumption models for future generations, researchers: global gateway This initiative, together with a more ambitious bi-regional cooperation and investment agenda, will see financial resources allocated agilely and interactions between digital, social and environmental policies set within appropriate, robust and modern regulations and policies. If strengthened, it could trigger remarkable multifaceted developments. legal context.
Europe is a digital ally and reference. Strengthening and modernizing EU-LAC cooperation and partnership
In this sense, these initiatives are linked to the “triple transition” challenge that both regions must address to promote sustainable development, in line with the 2030 Agenda: Green, Digital and Socio-Economy. To renew the fundamental social contract, multiple interrelated dimensions lead to a society that is richer, freer, more equal, more inclusive, more cooperative, and above all more just. (energy, education, finance, environment) transformation. It is based on common ideas of social democracy.
All countries in the world are facing these changes, but Europe and Latin America are particularly demanding because of their geopolitical convergence and value affinities. This is because a common agenda between the two countries can clarify reference models from democratic, legal, trade and climate perspectives.
Green, Social and Sustainable EU-LAC Digital Partnership Key Areas
Based on this logic, the authors argue that the Biregional Digital Alliance will enable the digitalization process in Latin America to be not only highly competitive, but also sensitive to social and environmental impacts and with transnational ambitions. claims to be proposing to support the development of Faking a digital gap (although this is essential). In this way, we examine the scope of digital transformation in “frontier areas” such as cybersecurity, Industry 4.0, and artificial intelligence. green tech– We take into account the investment capabilities of leading companies not only in the technology and telecommunications sector, but also in all sectors that are already digitalized, such as finance (banking), infrastructure, healthcare and education.
Empirical analysis of the economic and social impacts of the Global Gateway Initiative and Digital Alliances
The study develops three scenarios regarding the economic and social impact of the bi-regional cooperation and investment agenda. The most cautious (‘Europe only’) is limited to predicting the investment impact of the €45 billion Team Europe investment already announced by European institutions, with limited impact on regional economic growth. . However, in the most optimistic scenario (More Digital Alliance), increased physical and technological capital, upgraded human capital, and accelerated economic growth will see Latin America and the Caribbean grow from 2024 to 2027. It is estimated that it could grow by almost an additional percentage point each year through 2019. Private investments and improved policy and regulatory frameworks will drive multi-sector projects of greater scale and scope, as Team Europe’s initial investments total €180 billion from a variety of public and private sources. can.
The Global Gateway therefore promotes smart cities and processes related to biodiversity conservation, electromobility, green hydrogen and clean energy supply chains, as well as social empowerment activities for future national employment. can cause progress in the field.
In short, rather than proposing a prescriptive agenda, this analysis focuses on considering the strengthening of Euro-Latin American cooperation and provides an informed understanding of the scope and urgent need for bilateral cooperation. It is a good starting point for a rigorous discussion. Investing in Latin America. Furthermore, as a demonstration of our belief that public-private partnerships can make a decisive contribution to Latin America’s development challenges, we encourage dialogue between government officials, the private sector and civil society on inclusive and sustainable digitalization. Masu.
Future posts will explore digital transformation as a pivot towards a more productive, inclusive and sustainable Latin America and Caribbean region, and the economic implications of the new bi-regional cooperation and investment agenda proposed by researchers. We will explain the scenario in detail. .
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