ARGENTINA-MoU On Econ Integration Signed As Presidents Hold Meeting

Brazil and Argentina have signed a memorandum of understanding on 'economic and fiscal integration' as part of Brazilian President Luiz Inacio Lula da Silva's first foreign trip since his return to office to visit with Argentinian President Alberto Fernandez. Wires report the deal 'looks to boost bilateral trade with the financing of imports'.

• The visit is seen as an attempt by Lula to improve regional relations following a period of deteriorating ties under former Brazilian President Jair Bolsonaro. The 'Pink Wave Mk. II' that swept Latin America in 2022 (with leftist presidents winning elections in Colombia, Chile, Peru, and Brazil) combined with the Peronist left already governing in Buenos Aires, is seen by some as raising the prospect of greater regional economic or political integration.
• The Community of Latin American and Caribbean States (CELAC) holds its leaders' summit in Buenos Aires on 24 Jan, with Lula also scheduled to attend as he seeks to repair regional ties. However, agreement between all main regional leaders is not guaranteed, especially with regards to the ouster and arrest of President Pedro Castillo in Peru.
• CELAC sits as an alternative regional talking shop to the Organisation of American States (OAS), with CELAC not including the United States or Canada.