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Brazil & Southern Cone - July 2015 (ISSN 1741-4431)

TRADE & DIPLOMACY: Nin Novoa eyes breakthrough at Mercosur summit

The government led by President Tabaré Vázquez had a baptism of fire in the international arena in the wake of taking office last March after a diplomatic spat with Venezuela. Foreign Minister Rodolfo Nin Novoa’s forthright comments about democratically dubious developments in Venezuela caused ructions in Caracas. But the rift was healed, at least for now, on 6 July when Uruguay and Venezuela struck a series of trade and cooperation accords, under which both countries cancelled debts amounting to some US$400m and Venezuela contracted to buy significant food supplies. This will formally enter into force during the Southern Common Market (Mercosur) summit in Brasília (16-17 July), when Nin Novoa is also confident that Uruguay will make progress in its perennial demand for trade barriers within Mercosur to be eliminated.

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