Mercosur meeting held in Brazil

South American leaders say it is time for the region to map its own economic future.

    Chavez, right, said he told da Silva:
    'What we need here is political Viagra' [AFP]
    Discussion at the meeting will focus on the launch a common market, intended to be similar to the European Economic Community.
     
    "Ambitious goal"
     
    Lucia Newman, Al Jazeera's correspondent in Rio de Janeiro, said: "Forming a truly integrated Mercosur, or South American Market, is an extraordinarily ambitious goal. It took the EU 50 years to get to where it is now."
     
    The South American leaders will also consider Bolivia's request to become a full time member of Mercosur, as well as changes in customs rules to help Paraguay and Uruguay, the bloc's two smallest economies.
     
    Leaders will also discuss the establishment of a South American Bank that would allow the the region to move away from the International Monetary Fund.
     
    Mercosur, also known as the Southern Cone Common Market, was established in 1991 when Brazil, Argentina, Uruguay and Paraguay pledged to seek economic integration and free trade.
     
    But Mercosur's goals have largely been frustrated by its members failure to synchronise their policies.
     
    Hugo Chavez, the Venezuelan president, has accused other South American leaders of delaying essential reforms.
     
    He said he has told da Silva: "What we need here is political Viagra."
     
    He has said he wants to "decontaminate" the trade bloc of US-supported free market policies and the privatisation of state industries.
     
    Da Silva and Chavez have signed a memo of intent for the state-run oil companies of Brazil and Venezuela to launch a technical study on a proposed natural gas pipeline stretching 5,000km from Venezuela to the Recife, a city in Brazil's northeast.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.