Brazil and Argentina plan to advance talks about a common currency for financial and commercial transactions in an effort to improve economic integration, leaders of the two nations said on Jan. 21.
Brazilian President Luiz Inacio Lula da Silva, who was sworn in on Jan. 1, and Argentine leader Alberto Fernandez shared details about the talks regarding a shared currency in a joint article published on the Argentine website Perfil, CNBC reported.
“We intend to overcome the barriers to our exchanges, simplify and modernize the rules and encourage the use of local currencies,” the two leaders wrote.
“We also decided to advance discussions on a common South American currency that can be used for both financial and commercial flows, reducing costs operations and our external vulnerability,” the article said….