Argentina, Brazil, Colombia, Cuba, and Mexico are preparing to sign an agreement to counter inflation, said Alberto Fernandez, the president of Argentina, in a recent interview.
The initiative, which is being spearheaded by Mexican president Andres Lopez Obrador, would allow the exchange of products with high prices between the states to lessen the effects of price rises.A group of Latam countries is banding together to organize a joint response against one of the biggest problems the region is fighting right now: inflation.
The Argentine president revealed there is a summit set for March 17 to fine tune this new agreement and the role that each country will play in it. Ministers of the countries are already organizing the structure of the agreement.While there is still not a complete description of the inner workings of this anti-inflation mechanism, Fernandez did offer a brief description of it.
For example, if clothes see a rise in prices in Argentina, the country might seek to import them from another country in the group, exchanging them for raw materials or commodities, like soy. The aggregated value of such a mechanism is that the participating countries would not have to resort to settling these transactions with dollars, according to Fernandez.
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