Brazilian President Luiz Inacio Lula da Silva and his Argentine counterpart, Alberto Fernandez, said they are committed to strengthening bilateral economic relations.
Lula da Silva highlighted the importance of economic and financial integration, and suggested helping Brazilian exporters maintain their presence in the Argentine market amid the latter’s economic problems.
“We are working to create a comprehensive financing line for Brazilian exports to Argentina. It does not make sense for Brazil to lose space in the Argentine market to other countries because it extends credit and we do not,” he said in a joint statement.
To promote economic integration, the two countries are also considering an initiative to create a regional currency for trade that would work in conjunction with their national currencies, according to the statement.
“Argentina is Brazil’s third largest trading partner, after China and the United States, and Brazil is Argentina’s largest export market”, lula added.
Fernandez admitted that Argentina’s economy is struggling under a heavy debt burden.
