“There is a way to go and the first question is that It is not a single currency like the euro, but a currency to carry out commercial exchange, imports and exports between Brazil and Argentina, and other countries could be added later. This is a path to travel, there are things that must be discussed in the background to make it work well,” said the secretary.
The project announced this week by the presidents of both countries, Alberto Fernández and Luiz Inacio ‘Lula’ da Silva, and later expanded by their Economy Ministers, Sergio Massa Y fernando haddadspecifies that the participation in the currency will depend on the weight of the GDP of each country and aims to facilitate commercial exchange, particularly from the situation of shortage of reserves that Argentina is going through and taking into account that Brazil is the main commercial partner of the country .
“This idea would be able not having to go through a third currency, normally the US dollar, to complete the operation. This must be worked on carefully and it will take a while,” added Todesca in dialogue with AM 530.
Asked about the implications that the measure may have on the agreement that the country has with the IMFthe former Deputy Chief of Staff pointed out: “I don’t think we have any problems on that side. It seems to me that what is being sought is to oil the mechanisms that allow us to trade more with the region.”
“Brazil is the main partner of Argentina, 14% of exports they go to Brazil and of that total amount, more than 60% are manufactures of industrial origin, which is why the Brazilian market is so important for us,” the official concluded.
Source: Ambito
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