Brazil exhausted its economic model, the domestic market is no longer enough and Brazilian protectionism hindered competitiveness and scared foreign investment, claimed retired Brazilian diplomat Jose Botafogo at the international symposium The future of Mercosur organized in Paraguay as part of the 25th anniversary celebration of the South American block.
Brazilian businesspeople and diplomats expressed their disappointment with Mercosur and said it was crucial for Brazil to sign free trade agreements on its own with third countries, which under current rules of the South American trade block are not allowed.