Hungary was among the very first Members to deposit its ratification instrument of the Agreement Establishing the EU-LAC Foundation as an international organisation. Hungary is truly committed to its “Opening to South” policy, launched in March 2015 by the Hungarian Government, aiming at further strengthening its diplomatic and economic relations – among other regions – with Latin America and the Caribbean, and which is materializing in a number of visible actions such as the opening of Embassies in the region, and the swift ratification of the EU-LAC Foundation’s constitutive agreement.
The latter underlines its confidence in the EU-CELAC Strategic Partnership, as well as the trust in the work of the EU-LAC Foundation to reinforce further cooperation between the two regions. The threshold for entry into force of the Agreement is eight ratifications from each region. The EU-LAC Foundation has been operating with a transitory status under German civil law since November 2011, yet the swift ratification of the Agreement will allow it to be recognised as a genuine bi-regional organisation and be better equipped for the fulfilment of its ambitious mandate.