Members of the World Trade Organization, WTO failed in Geneva to reach an agreement for the relaunching of trade talks but officials are hopeful that at the beginning of the politically loaded 2004, progress can be achieved.
The International Monetary Fund approved this Monday a fifteen months extension and increase in 6,6 billion US dollars of Brazil's stand-by credit originally approved in September 2002, taking the overall sum available to 14 billion US dollars. The IMF Board also approved a request to extend the deadline for loan repayments involving 5,8 billion US dollars that fall due in 2005 and 2006.
European Union Trade Commissar Pascal Lamy addressing the G-20 in Brasilia said that negotiations to make protectionism more flexible had begun and underlined the need to differentiate the EU position from the United States less flexible stand.
Brazilian president Luiz Inacio Lula da Silva finally achieved a crucial piece of his administration's program when last week the Senate approved 51-24 a sweeping reform of the deficit ridden pension system.
A majority of Argentine Congress members are considering the repeal of a labour reform bill following revelations from a former Senate official that several Senators had been bribed in 2000 to have the bill approved.
Peru is scheduled to become the third associate member of Mercosur during the block's presidential summit in Montevideo this week after having successfully concluded negotiations according to Uruguayan diplomatic sources.
Uruguay's economy expanded 2.4% during the third quarter of 2003 compared to a year ago seemingly suggesting that a recession that started in 1998 including a run on the banks in 2002, was coming to an end, according to the latest release from the Central Bank.
European leaders are returning home from the Brussels summit without having reached an agreement on the final draft of an EU Constitution and with little prospects for follow discussions in the near future.
Former Argentine president Fernando de la Rua denied this Saturday allegations from a former congressional official who claims his administration bribed senators with millions of dollars to gain approval in 2000 of a contentious labour reform bill.
Uruguayan General Hebert Figoli will be taking over December 29 as the next commander of the United Nations peace keeping force in Cyprus. UN troops have been in Cyprus, a former British colony, since the follow up of the 1963 armed conflict between local Greek and Turkish communities.