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China, the EU and Latin America : current issues and future cooperation
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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 .Theblocsexportbasketis concentratedontheagriculturalsector especiallyfood.Animalandvegetable productsandfoodrepresentedmorethanonethirdofthetotalamountexported 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 37 05 andhasmaintainedthedefinitionofSpecial CommonRegimensandaCommonCustomsCodeintheregionalnegotiationagenda.In additiontocustomsandcommercialissues MERCOSURhasmadeprogressinother social politicalandproductionareas.Forinstance MERCOSURhasconstituteda