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European Union Report - September 2022
The European Union has been and continues to be a strategic international partner for Uruguay. In 2021, exports of goods to this market totaled USD 1,574 ...
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- The European Union has been and continues to be a strategic international partner for Uruguay. In 2021, exports of goods to this market totaled USD 1,574 million and ranked third in terms of export destinations, accounting for 15% of total exports. Paper pulp and beef are the main products exported to the union, and together accounted for more than 70% of total exports.
- In 2021, USD 64 million were paid in tariffs associated with exports of goods to the European Union. Of this total, beef accounted for 65%, followed to a much lesser extent by tariffs associated with rice, citrus and honey, among other products.
- The European Union is the leading investor region in Uruguay, followed by South American countries. Indeed, European Union countries accounted for 36% of FDI stock in Uruguay (2020). European investments have been essential for the development of some strategic sectors in Uruguay, such as agriculture, forestry, energy and information technology. European Union countries account for 36% of FDI stock in Uruguay, which mainly consists of Spanish and Finnish capital. Spanish companies have invested primarily in energy (mainly wind) and services (financial, fintech and business services). Spanish companies also invest in other sectors, such as the food industry, tourism, agro-industrial production, and trade.
- Finally, the strategic European Union-Mercosur Association Agreement is expected to increase trade and investment between the two blocs. In addition, it will boost innovation, foster greater integration of both parties’ production chains, and promote sustainable development.
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