Belo Horizonte - Brazil offered Argentina funds from the National Bank of Economic and Social Development (BNDES) to finance Argentinean industries, in order to resolve trade disputes between the two countries and replace the imposition of trade restrictions to which Brazilian products have been subject in that country.

A similar agreement was concluded, yesterday (16), with Paraguay, according to special Presidential advisor, Marco Aurélio Garcia. He also stated that the significance of the 27th Council and Summit Meeting of the Mercosur "is that the growth of regional trade and the consolidation of the Mercosur have become evident, not just as a free trade area but as a zone of social, economic, and political integration."

Garcia also cited that the Mercosur is functioning and doing well and has received new members - Chile, Peru, Venezuela, and Ecuador - as well as attracting the attention of Africa and countries such as India.

Agência Brasil
Reporter: Paula Menna Barreto
Translator: David Silberstein
12/17/2004