SHAFAQNA- The presidents of Argentina and Brazil proposed plan to continue working on the development of a mechanism allowing them to avoid using the USA’s dollar in bilateral trade.
Crisis-hit Argentina is seeking to rebuild its reserves to cover trade costs and future debt repayments as a key component of a major debt deal with international creditors.
Brazilian President Luiz Inacio Lula da Silva and his Argentinian counterpart Alberto Fernandez were expected this week to reveal the new mechanism allowing Argentine firms to continue trading with Brazil without draining dollars from the country’s reserves. However, the leaders announced following a meeting on Tuesday that the plan still needed to be fine-tuned.
Source: rt