LatinNews Daily - 03 May 2023

In brief: Argentina and Brazil pledge to boost bilateral trade

* Argentina’s President Alberto Fernández has met with his Brazilian counterpart Luiz Inácio Lula da Silva in Brasília to discuss ways to boost bilateral trade as Argentina faces a mounting financial crisis. According to a joint statement, the pair agreed to “deepen the bilateral relationship with two short-term axes”. These consist of promoting exports from Brazil to Argentina and “the explicit support” of Brazil for Argentina’s government in the context of its attempt to renegotiate the terms of its US$44bn debt programme with the International Monetary Fund (IMF). Fernández stated that the countries’ economy ministers, Sergio Massa (Argentina) and Fernando Haddad (Brazil), would meet next week to discuss ways to help finance Brazilian companies that export to Argentina, while Lula reiterated his commitment to helping Argentina, stating that he intended to work with the IMF to “take the knife out of Argentina’s neck”. The pair also discussed the need to strengthen the Southern Common Market (Mercosur) regional trade bloc, which also comprises Paraguay and Uruguay.

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