In late 1995 the Commission received the support of the Council for its approach for the period 1996-2000, whereby cooperation would be extended to cover support for institutions, measures to combat poverty, economic reform, improving competitiveness, training and open regional integration. The European Parliament's Bertens report called for new proposals and designing a global action programme matching the changes which have come about. It is not only the European Parliament which has recognised Latin America's dynamism. A number of Member States, such as Spain and Germany, are active through their cooperation agencies. European leaders, most recently the President of France, have often stressed the importance of relations with Latin America.
European business has for some time now been aware of the increase in trade.
Three quarters of European investment is accounted for, given their size and degree of development, by Brazil, Mexico, Argentina and Chile, but Europe is also interested in the other Latin American countries. This is more than double its share in the total volume of the Community's external trade. A factor promoting economic integration The implementation of competition rules in Latin America is a major factor in the economic development and regional integration of the markets concerned. Where there is legal certainty as to their application, the risk of trade disputes and policies of trade defence is considerably reduced. We have also put together a compendium of Latin American competition legislation and a list of the national authorities, in order to make these better known.