
Argentine Minister for Industry, Debora Giorgi will meet in coming hours with Brazilian Ambassador, Enio Cordeiro, to schedule a series of meetings to address trade disputes between the two neighbouring countries and main Mercosur associates.

China moved to smooth economic relations with Brazil on Monday, saying it was open to more Brazilian exports and that Chinese firms will broaden their investments in the country.

Parliamentary leaders of South Korea and Brazil agreed Monday in Seoul to put forth efforts to promote economic ties between the two nations in the framework of Mercosur, through closer interactions at the parliamentary level.

Brazilian Development, Industry and Foreign Trade minister Fernando Pimentel justified trade barriers imposed last week on the import of cars, a measure which was strongly criticized by the Argentine government.

China will be able to avoid a financial crisis that is due to hit other developing countries over the next five to 10 years a central bank adviser was quoted as saying on Saturday.

Following a long day of open letters and press exchanges Argentina and Brazil finally agreed on the ground rules for the initiation of a ‘constructive dialogue’ to soften the trade dispute which erupted when Brazil imposed non automatic licences on imported cars, including from Mercosur’ main partner Argentina.

Brazil’s tax increase on foreign loans and debt sales to shield itself from the global currency war helped reduce by 88% the number of dollars that entered the country in April.

Brazil is tightening requirements for imports of cars in a move that sparked complaints from Argentina, its biggest supplier of the product. Imports to Brazil will need a special license that can take as long as 60 days to be approved, the Trade Ministry said in an e-mailed statement.

Brazilian president Dilma Rousseff cancelled on medical advice Sunday’s trip to Asunción where she was scheduled to participate in the bicentennial celebrations of Paraguay’s independence.

Brazil’s Commerce and Industry minister Fernando Pimentel called on the Argentine government to de-activate restrictions on Brazilian exports and revealed he had addressed a letter to his Argentine peer Debora Giorgi exposing restrictions on bilateral trade and demanding a reply this coming week end.