2 84 China , theEUandLatinAmerica:CurrentIssuesandFutureCooperation destinationsgrew by10percentayearonaverage , equivalentto2.5times quickerthanexportstotheregion.Exportmarketsareconcentratedtosome extent:66percentoftotalblocexportsgotothetop10 markets ( withthe USA , theEUandChinaontop , accountingfor20.7percent , 18.3percentand 7.6 per cent , respectively ) .Import markets of origin are even more concentrated , ledbytheEU , theUSAandChina ( 20.7percent , 20.0percent and8.7percent , respectively , incurrentdollars , 2007 ) .Overthepastfew yearsthe MERCOSURexportstructurehasseenincreasedparticipationfrom lesstraditionalmarketsoutsidetheregion ( perhapsinfluencedbysubstantial changesinrelativeprices ) .Exportsto Chinaand Russiarosetoanannual averageof27percentbetween2002and2006 , whileexportstotheUSAandEU grewby9percentand13percent , respectively. RegardingtherelativeimportanceofMERCOSURasanexporter , wecan seethatitisthetenthrankingEUsupplier ( 2.5percentoftotalEUimports ) andamongthetop15USsuppliers ( 2percentoftotalUSimports ) .Ithasa similarshareofChineseimports ( 2percent ) .Theblocsexportbasketis concentratedontheagriculturalsector , especiallyfood.Animalandvegetable productsandfoodrepresentedmorethanonethirdofthetotalamountexported tocountriesoutsidetheregionin2006.Mineralsandfuelsrepresented16per cent , commonmetals ( 10percent ), machinery ( 9percent ) andvehiclesand transportequipment ( 9percent ) .Itisworth mentioningthestrongregional positionofsoyaoil ( 74percentofworldtrade ), orangejuice ( 65percent ), flourandsoyapellets ( 54percent ), soyagrains ( 44percent ), bovinefrozen meat ( 43percent ), ethylalcohol ( 37percent ) andsugarcane ( 33percent ), amongotherthings ( Garbarinoetal.2008 ) . Regardingtheintegrationprocess , in1995theconstructionoftheCustoms UnionstartedwiththesigningoftheOuroPretoProtocolandthedefinitionofa CommonExternalTariff , afterafirststageofacceleratedtariffcutsamongthe fourmemberstates , duringwhichtheFreeTradeAreawasconsolidated.Ouro PretoalsolaiddownthepresentinstitutionalstructureofMERCOSUR. Workingouta Common Trade Policyisnotasimpletask andthe MERCOSURprocesscouldnotavoidcomplexity.Nevertheless , MERCOSUR hasmadeprogressinthenegotiationprocesstowardseliminatingthedouble collectionoftheCommonExternalTariffthroughtheapprovalofDecisionCMC 54 / 04and DecisionCMC N o 37 / 05 , andhasmaintainedthedefinitionofSpecial CommonRegimensandaCommonCustomsCodeintheregionalnegotiationagenda.In additiontocustomsandcommercialissues , MERCOSURhasmadeprogressinother social , politicalandproductionareas.Forinstance , MERCOSURhasconstituteda
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China, the EU and Latin America : current issues and future cooperation
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