Some 30 industrialists from South America's largest country are attending this week's Cebric's Encounter, a gathering of businesspeople parallel to the BRICS (Brazil, Russia, India, China, and South Africa) Summit in Johannesburg until Wednesday, Agência Brasil reported.
Argentina's Economy Minister Sergio Massa Thursday met with India's Ambassador to Buenos Aires Dinesh Bhatia to discuss the South American country's participation in the G-20 economic meeting and move forward in the use of local currencies for bilateral trade.
Foreign policy is among the priorities of the incoming Brazilian administration of president Lula da Silva, who will be taking office next January first. Designated foreign minister, Ambassador Mauro Vieira said Brazil will have a leading role in combating climate change.
The relationship between China and Brazil has extensive significance due to their position as two primary emerging market countries and economies, visiting Chinese Foreign Minister Wang Yi said here in Brasilia.
BRICS nations (Brazil, Russia, India, China and South Africa) have agreed to a 100 billion dollars currency reserve pool as a “financial firewall” in anticipation of liquidity strains and ‘currency shocks’ as the United States Federal Reserve moves to reduce monetary stimulus.
China and Brazil signed an agreement to do billions of dollars of trade in their local currencies, as the five-nation BRICS forum of emerging market powers work to lessen dependence on the US dollar and Euro.
The catch-up boom in China, India and Brazil is largely over and will be followed by a drastic slowdown over the next decade, according to a report by America's top forecasting body.
India has decided to raise its concerns over Argentina's recent import restrictions bilaterally, instead of joining the US and European Union who have taken the country to the World Trade Organization, reports the Economic Times from India.
China and the Inter-American Development Bank said on Monday they are starting a 1-billion US dollars fund to invest in Latin America, though the Asian giant’s latest push to expand its influence in the region prompted words of caution from Brazil.
Next April 9 Brazilian President Dilma Rousseff is expected in the White House and although formally relations are ‘excellent’, Brazil and the US have many dissenting issues, according to Andres Oppenheimer from the Miami Herald and considered an expert in Latin American affairs from the US perspective.