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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

July 18, 2024

How Effective Is South America’s Mercosur Bloc?

Paraguayan President Santiago Peña hosted leaders of Mercosur countries at the bloc’s summit earlier this month. // Photo: @SantiPenap.

Q

  • Leaders of the Mercosur trade bloc met in Paraguay in early July, but without Argentine President Javier Milei, who decided to skip the regional meeting, appearing instead at a right-ring political rally in Brazil. Milei’s absence cast a shadow of uncertainty on the already slow-moving and politically divided trade bloc, especially as he has threatened to pull Argentina out of the bloc altogether. What did the leaders who did participate accomplish during the summit? What were the most important items on the agenda, and how was the meeting’s productivity affected by Milei’s absence? What is the current state of Mercosur and its ability to promote free trade in the region?

A

Kellie Meiman Hock, senior counselor at McLarty Associates: “Setting aside the ongoing feud between the Brazilian and Argentine presidents, I would note that Mercosur is struggling with growing pains as are many global and regional institutions. Originally conceived as a platform for interaction with the global economy, the Brazil/Argentina rivalry the bloc was designed to ameliorate has obviously persisted, while Paraguay and Uruguay have suffered an inflationary impact of the common external tariff, despite its reduction (if spotty) over the years. Mercosur is not ‘slow moving’ now, it has always been so, by design, in great measure to protect industrial interests in both Brazil and Argentina. President Milei’s decision not to attend the Mercosur summit this month was clearly motivated by…”

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The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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