Mercosur full member countries with the exception of Brazil will have the best growth performance in the region this year, according to the annual report from the UN Economic Commission for Latin America and the Caribbean, Cepal which was announced this week in Santiago de Chile.
Brazil has the necessary conditions, and authority, to actively participate in the current international transformations as the world moves away from the “traditional governance mechanisms”, and for which Brazil, India and South Africa have become “unavoidable partners” in the decision making process.
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.