As the largest economy in Latin America, the Brazilian government announced on Monday its commitment to spearheading efforts to promote local currencies and reduce reliance on the US dollar in trade among Mercosur countries.The initiative will be undertaken during Brazil's six-month presidency of Mercosur, which begins on Tuesday.

Mercosur consists of Brazil, Argentina, Paraguay, and Uruguay.Tatiana Rosito, the Secretary of International Affairs of the Ministry of Finance, stated that the government aims to expand the Local Currency Payment System, which currently operates on a bilateral basis, to encompass all trade within Mercosur.This will require integration .

.

.To read the full NEWS and much more, Subscribe to our Premium Membership Plan.

Already Subscribed? Login Here