
Bureaucratic problems stalling the development of Mercosur is the main issue to be addressed at the presidential summit of the trade block next Friday in Asuncion, Paraguay, according to regional press reports.

European Union Foreign Relations Commissar, Benita Ferrero-Waldner said on Monday that the Spanish presidency of the European Union in 2010 “should be a good moment and opportunity” to resume the stalled discussions of the European block with Mercosur.

This coming week’s Mercosur presidential summit in Paraguay will convene eight South American leaders, announced Paraguayan Foreign Affairs minister Hector Lacognata during a press conference Saturday in Asuncion.

The approval of the new composition for the Mercosur Parliament scheduled to be agreed later this month at the group’s presidential summit in Paraguay could be postponed given conflicting interests on supra-national decisions.

The Latinamerican and Caribbean economy is forecasted to contract 1.9% this year following six years of sustained growth, but is expected to expand 3.1% in 2010, according to the latest estimates released Wednesday by the United Nations Latinamerican and Caribbean Economic Commission, Cepal in Santiago de Chile.

Mercosur can’t find its social and political dimension, political parties don’t discuss the issue and as it stands it is an empty architecture, and sentenced, according to former Argentine vice-president Carlos Alvarez. He also warned about possible changes in regional agreements as Brazil becomes a full player in world politics.

The Mercosur summit has been confirmed for next July 23/24 with at least ten presidents scheduled to participate in the event that will be hosted by Paraguay. During the summit Paraguay will hand the Mercosur rotating chair to Uruguay for the next six months.

Mercosur asymmetries in power generation are overwhelming and almost absurd, with Paraguay the main power exporter in South America unable to dispose of its energy surplus, claimed Ricardo Canese, member of the Mercosur Parliament in representation of Paraguay.

South America’s soy bean reserves suffered a strong reduction following recent sales while the global supply could be affected depending on the US crop and weather in the northern hemisphere according to Oil World latest forecast

Advance teams from Mercosur country members reached a tentative agenda for this month’s presidential summit at the end of the month, (July 23/24) according to sources in Paraguay the country which will hosting the meeting.