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BRAZIL/ARGENTINA HAVE AGREED TO A NUMBER OF BILATERAL DEALS

Written by thomas · Filed Under Commercial 

September 11, 2008

thomas

According to the September 9 issue of the Inter-American Dialogue’s Latin American Advisor, President Cristina Fernandez and Lula met in Brazil on September 8 to follow up on a number of projects which the two countries are implementing. These include using local currencies rather than the US dollar for exports and imports between the two which will reach $30 billion in 2008. It also includes establishing an Embraer assembly plant in Argentina in exchange for the acquisition of 25 ERJs to be used by the re-nationalized Aerolineas and Austral. Another major agreement is to start the bidding process on a $2 billion joint hydroelectric project on the Uruguay River. The two presidents are also looking to establish a unified front to negotiate bilateral trade deals between Mercosur (which include Uruguay and Paraguay), as well as other trade blocks like the European Union and the Association of Southeast Asia Nations.

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