Transition economy to the IMF, Iran is in transition to a market economy, demonstrating early stages of a transition economy. The eight first-wave accession countries, which joined the European Union on 1 May 2004 (Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia) and the two second-wave accession countries that joined on 1 January 2007 (Romania and Bulgaria) have completed the transition process. According to the World Bank, "the transition is over" for the 10 countries that joined the EU in 2004 and 2007. It can be also understood as all countries of the Eastern Bloc. "Transition economics" is a special branch
Brazil–European Union relations organization of long-standing cooperation between the two areas. Several initiatives have sought to formalize these close links at all levels, beginning with the Framework Agreement for Cooperation between the European Economic Community and Brazil in 1992. On July 4, 2007, the European Union, under Portuguese presidency, and Brazil held the 1st EU-Brazil summit. The EU and Brazil exchanged views on a number of bilateral, regional and global issues. They agreed to enhance their longstanding bilateral relationship and in particular to reinforce the political dialogue at the highest political level. At the summit, the EU and Brazil established a comprehensive strategic