Brazil again ruled out a common currency with Argentina in the short term



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The Minister of the Economy Paulo Guedes stated that the entry into force of the "real weight" will not be implemented in the short term, reported today the UOL information site.

Last month, Guedes announced in Buenos Aires its intention to create a single currency in Mercosur, using the euro as a model. This proposition was born "from a conversation in which we were talking about a more distant horizon" that will be achieved after a true "integration" of the Mercosur countries, he said.

The minister made a statement in Santa Fe, where President Bolsonaro is today.

The host president will also be at the top, Mauricio Macri, with his colleagues from Uruguay, Tabaré Vázquezand Paraguay, Mario Abdo Benítez.

"When countries achieve trade integration, for example, it's the EU, it's when it flows into a common currency," Guedes said.

For his part, Foreign Minister Ernesto Araújo said that during the next six months, Brazil would favor a greater opening of the regional bloc.

"We have four free trade agreements under negotiation and institutional reform in Mercosur that must eliminate the forums and eliminate problems that do not work"said the Chancellor in an interview with Brazilian public television.

Araújo highlighted the "importance" of the free trade pact concluded at the end of June with the EU, which will be commemorated at the Mercosur summit that begins this Wednesday in Santa Fe.

Araújo told the official channel that, to ensure greater trade openness, it would be necessary to "reform the Common External Tariff (CET)" that third-country goods and services pay to enter Mercosur.

The TEC is one of the founding instruments of Mercosur as a common market established in 1991 in Paraguay, through the Treaty of Asunción, which would be developed in 1994 at the Ouro Preto Summit in Brazil.

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