Brazilian president-elect Dilma Rousseff will attempt to strengthen Mercosur institutions and establish a protagonist dialogue with United States, according to the presidential advisor on international affaire Marco Aurelio García who has been confirmed in his post.
Venezuela’s incorporation as a full member of Mercosur has been secured following the confirmation of a political agreement in Paraguay, the only of the four-country group that still had a vote pending in congress.
Paraguayan president Fernando Lugo for the second time in a year withdrew the request from Congress for the approval of Venezuela’s incorporation as a full member of Mercosur. This leaves the issue for next year.
Moody's Investors risk Service raised the sovereign foreign currency credit rating for Mercosur member Uruguay by two notches to Ba1 from Ba3 on Wednesday, leaving it just below investment grade, citing improved debt and fiscal indicators.
The blockade of landlocked Paraguay’s maritime and fluvial trade which threatens Mercosur unity has been “granted” a five-day truce by the Argentine maritime workers union responsible for the industrial action.
Trade negotiations between the European Union and Mercosur are making progress and are on track for a possible trade agreement by mid-2011, following coincidences on several controversial points.
Mercosur and Syria are scheduled to sign an agreement to begin trade negotiations at the group’s next summit in Brazil, December 15, according to official sources in Damascus. Syrian president Bashar al-Assad earlier this year visited South America to promote trade and political links, particularly with Brazil that has a large Syrian community.
President Fernando Lugo called on the Paraguayan political establishment “not to identify Venezuela with President Hugo Chavez” and reiterated support from lawmakers to vote for the incorporation of Venezuela as a full member of Mercosur.
Uruguay’s exports jumped 23.3% during the first eleven months of 2010, anticipating a new value record for the year. Exports totalled 6.1 billion US dollars between January-November compared to 4.95 billion in the same period a year earlier and are higher than the twelve month previous record of 6.1 billion in 2008, according to Uruguay’s Exporters’ Union.
Spanish bank BBVA Studies Group increased its 2010 growth forecast for Latinamerica to 5.8% (from 5.2%) mainly because of the strong showing of domestic economies boosted by stimuli packages. The report also praised the performance of all four Mercosur full members (Argentina, Brazil, Uruguay and Paraguay) with their economies expanding over 7.5%.