EU's Costa to travel to Brazil to strengthen investment ties

By Sudip Kar-Gupta

BRUSSELS (Reuters) - Antonio Costa, head of the European Council that represents the 27 EU countries, will travel to Brazil from May 27-May 29 to strengthen partnerships and investment ties between the European Union and Brazil.

The European Council said on Friday that Costa would meet Brazilian President Luiz Inacio Lula da Silva during his trip and make a speech at an EU-Brazil investment forum.

The EU is Brazil's second-largest trading partner and Brazil's largest foreign investor, with more than 300 billion euros ($340.7 billion) worth of direct investment stocks.

"Brazil is not just a close friend, it is a strategic partner for the EU – a global player and a key ally in promoting democracy, multilateralism and shaping a more just and sustainable world," Costa said in a statement.

"In times when these values are challenged globally, it is even more crucial that countries like Brazil and the European Union stand together to uphold them," he added.

Costa's trip to Brazil also comes as the EU aims to ratify a long-delayed trade deal between the South American bloc Mercosur and the EU, which mainly covers farming matters.

($1 = 0.8807 euros)

(Reporting by Sudip Kar-Gupta; editing by Foo Yun Chee)