Venezuela's Bolivar currency hit a record low 100 to the U.S. dollar on the black market on Friday, making the dollar 16 times more expensive than the strongest official rate, according to a website that tracks it.
Anticipating what could be policy under a second government of President Dilma Rousseff, her Trade Minister Mauro Borges told Brazilian daily Folha do Sao Paulo that opening the country to more foreign trade would be a “disaster for Brazilian industry” and lead to the “mexicanization” of the economy, in reference to the light assembly factories known as “maquiladoras” that dominate Mexico’s non-oil exports.
Once the EU and Mercosur exchange their proposals for a free trade agreement, negotiations will 'move fast' and the deal should be closed sometime in 2015, according to EU ambassador in Montevideo, Juan Fernandez Trigo. But he also pointed out that he expected Mercosur proposal to be in accordance with terms established in 2010.
Foreign affairs ministers from Mercosur and the Pacific Alliance will be meeting next 24 November in Santiago de Chile to explore a possible integration between the two blocks according to Paraguay's foreign minister Eladio Loizaga.
The original Mercosur is over; it has been reduced to a political block with a three member board, Brazil, Argentina and Venezuela, according to Demetrio Magnoli a renowned Folha de Sao Paulo columnist who added that the 'political' Mercosur has helped the Alliance of the Pacific to advance.
The Falkland Islands Fisheries Department has reported this year that squid fishing generated the largest annual capture since records began, representing a major boost to the Islands economy.
The Mercosur Parliament, Parlasur will be holding a special session next 11 November in Montevideo dedicated to the Falklands/Malvinas Islands sovereignty issue, it was announced this Monday in Buenos Aires during a visit of a delegation from the regional legislative to the Argentine congress.
Mercosur is a success, intra-trade has expanded at double the rate of world trade and despite all the bad press, the block is advancing on other fields such as social affairs and citizenship, according to Ivan Ramalho, Mercosur's High Representative, who is a former Brazilian deputy minister of trade and development issues.
Argentine Economy minister Axel Kicillof left Buenos Aires on Thursday for Brazil, where he will meet with fellow ministers from the country to discuss the current situation of bilateral trade and the automotive industry.
Chile is ready to act as a 'bridge' between Mercosur and the Alliance of the Pacific so that Latin American can have a greater presence in the world state, said Chilean Deputy foreign minister Edgardo Riveros during a conference in Sao Paulo at the Lula da Silva think-tank.