Brazil's Roberto Azevedo has won the race to become the next head of the World Trade Organization, the first candidate from Latinamerica and from the BRIC club of emerging economies to take the job.
Argentina which the IMF censured for underreporting inflation less than three months ago after three warnings over the past two years, last week authorized the deposit of 400 million dollars with the Washington-based lender to increase the nation’s access to emergency cash.
The leaders of the five BRICS nations stopped short of establishing a highly-promoted development bank at this week’s summit in South Africa, instead saying they would enter “formal negotiations” on the issue. But the summit did yield some agreements, including big-money bilateral trade deals.
Brazil hopes to sign a bilateral accord with China to promote trade in their national currencies at next week's BRICS summit of the world's five emerging powers, Trade and Industry Minister Fernando Pimentel said on Thursday.
For the first time, Brazil is among the group of the 50 most competitive nations in the world, says the Global Competitiveness Report, released by the World Economic Forum.
Brazil and China will sign an agreement in the coming weeks to swap as much as 30 billion in their two currencies, Brazil Finance Minister Guido Mantega said.
The world’s largest emerging-market nations will announce contributions to the IMF’s financial firewall at the Group of 20 summit meeting in Mexico, Brazil’s Finance Minister Guido Mantega announced.
The amount of additional money Brazil plans to contribute to the IMF will depend on commitments to bolster the influence of emerging-market nations at the global lender, a senior Brazilian government official said on Tuesday.
Major emerging powers stood ready on Friday to pledge money to bolster the International Monetary Fund's crisis-fighting war chest, though Brazil was holding out for promises that their voting power at the global lender would increase.
India and Brazil on Friday decided to step up efforts to push the UN reforms, particularly the Security Council and signed half a dozen agreements in areas ranging from science and biotechnology to cultural exchanges.