South America to negotiate FTA with China

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Last updated at: (Beijing Time) Sunday, September 21, 2003

South America to negotiate FTA with China

The South American Common Market (Mercosur) would begin negotiations with China for a free trade agreement (FTA) in October, the Estado de Sao Paulo daily reportedon Friday.

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The South American Common Market (Mercosur) would begin negotiations with China for a free trade agreement (FTA) in October, the Estado de Sao Paulo daily reportedon Friday.

Speaking to the Senate Foreign Affairs Commission Thursday night, Brazilian Foreign Minister Celso Amorim noted that the commercial interests between Mercosur and China, especially between Brazil and China, have been growing rapidly in recent years, the paper reported.

In March 2003 China became the second largest destination for Brazil's exports.

From January to July this year, Brazil's exports to China amounted to 2.53 billion US dollars, a 150-percent increase as compared with the same period of 2002, while China's exports to Brazil reached 1.07 billion dollars, registering a 32.7-percent growth.

Amorim also said Brazil is intending to expand its trade ties with other South American partners.

The development of the South-South cooperative relations has become a priority of the Brazilian government since the inauguration of President Luiz Inacio "lula" da Silva.

Mecosur groups Brazil, Argentina, Uruguay and Paraguay, with Chile and Bolivia as its associate members.

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