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Mercosur members in Brazil to debate global crisis

Mercosur members in Brazil to debate global crisis

South American foreign and finance ministers will gather in Brazil Monday for the region's first high-level meeting to discuss the global economic crisis and its impact on the trade bloc known as Mercosur.
The emergency meeting proposed by Argentina and Brazil will allow Southern Cone Common Market, or Mercosur, member nations to coordinate actions to diminish the crisis' effects, but no major decisions are expected, Brazil's foreign minister said.
"I'm not expecting a specific measure to be adopted," Celso Amorim told the government's Agencia Brasil news service this week.
Amorim said the meeting will be used so that Mercosur nations can exchange experiences and get on the same page before announcing their own measures in the future.
Member nations Brazil, Argentina, Uruguay and Paraguay _ plus all associate members and French Guiana and Suriname _ are expected to attend the meeting in Brasilia, the nation's capital.
The Mercosur's parliament has said "the crisis is so potent that it can affect Mercosur's process of integration, demanding coordinated actions from the nations."
Mercosur's parliament, based in Montevideo, Uruguay, is composed of 18 members from each of the four member nations.
Monday's meeting was first proposed by Argentina earlier this month as central banks across Latin American were forced to sell billions of dollars in reserves to prop up local currencies as the stocks tumbled.
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Associated Press Writer Raul Garces contributed to this report from Montevideo, Uruguay.


Updated : 2021-02-27 09:07 GMT+08:00