MercoPress. South Atlantic News Agency

Breaking News from South America.

New Zeland trade delegation.

A New Zeland trade delegation headed by Prime Minister Helen Clark, other government officials and representatives from the country's main industries will visit Mercosur members next November. The initiative is the first stage of an aggressive campaign to expand Latinamerican markets mainly, Mexico and Mercosur. "It would be madness for us to leave out any economic block, we must be in Nafta, Europe, Asia and Mercosur", said Roger Goulding from the beef industry. "Although we're basically competitors with Mercosur countries, our common enemies are US and Europe's subsidies and we have to work together to put an end to them", underlined Gerry Williams from Pacific Basin Exports .New Zeland has high hopes that the coming World Trade Organisation round in Quatar will deliver positive results concerning the opening of agriculture markets. "WTO would not support another failure such as Seattle, and we're convinced that both the Bush administration and the Europe Union are decided to negotiate on this issue", said Philip Lewin Wellington's Chamber of Commerce CEO and former New Zeland ambassador in Washington. However Mr. Lewin, who expects to visit Mercosur countries with the official delegation, pointed out that farmers must also produce top quality and in accordance with consumers demand and wishes, and government must help generate export and business opportunities, "but that is all".

Fed rate drop saves Uruguay 90 Million

The US Federal Reserve sixth consecutive rate cut saved Uruguay 9 million US dollars that added to the five previous successive reductions total almost 90 million US dollars savings. The latest cut in early July, a quarter of a point, means the basic Fed rate now stands at 3,75% the lowest in the seven years, and 2,75% below the 6,5% rate of the last 2000 quarter. However Uruguayan Central Bank officials cautioned that future Fed rate reductions would not necessarily have the same impact since Uruguay still has a significant percentage of its foreign debt at fixed rates. But Uruguayan banking officials were also encouraged by the fact that the Federal Reserve believes that inflation is no longer the US econ