Uruguay and Argentina signed on Friday an agreement to build a re-gasification plant for liquid natural gas to help meet their energy needs. The floating re-gasification plant will supply the two nations with 10 million cubic meters a day of natural gas, scalable to 15 million, starting in 2013 according to an official statement.
Argentine Industry Ministry officials assured Wednesday that non-automatic licenses currently being applied to imports “in no way represent an obstacle for our Mercosur partners” and they have been implemented to monitor imports from outside the region.
Uruguay and Argentina are discussing a ‘fast track’ mechanism that will allow Uruguayan exports to have quick access to the neighbour’s market thus avoiding the controversial trade restrictions recently announced by the administration of President Cristina Fernandez de Kirchner and which have surprised Mercosur partners.
IMF Managing Director is scheduled to visit Uruguay next month where he will meet President Jose Mujica and his economic team before flying to Brazil. Dominique Strauss-Khan will arrive in Uruguay from Panama and is not scheduled to visit Argentina, according to Uruguayan government sources.
The European Union Trade Commissioner Karen De Gucht anticipates a full trade agreement with Mercosur will be reached in a “short time” given the negotiations “unusual” speed but also cautioned about new challenges such as currencies over or under appreciation.
Uruguay is considered a solid candidate to obtain “investment grade” given its strong economic fundamentals and these same factors make the country’s bonds issued in indexed units, UI, an attractive investment, according to a report from the investment bank JP Morgan published in the Montevideo press.
Uruguayan president Jose Mujica called on the ruling coalition to restrain public comments on wealth distribution or re-distribution underlining that the “golden eggs’ hen” is private investment so please “don’t kill the hen”.
The European Union Trade Commissioner Karel De Gucht will travel next week to Paraguay and Uruguay to reinforce bilateral relations and to advance on the ongoing EU/Mercosur negotiations to reach an overall trade and cooperation agreement.
Uruguayan President Jose Mujica is visiting Venezuela and today held talks with President Hugo Chavez at the Miraflores presidential Palace.
The President of Uruguay Jose Mujica, on Wednesday concluded a two-day visit to Peru aimed at deepening trade and political relations. His next official port of call is Venezuela.