Brazil sets up fund to promote trade ties with Argentina

BRASILIA, June 24 (Xinhua) -- The Brazilian government announced on Thursday in Sao Paulo the creation of a 100-million-U.S.-dollar fund to finance Argentine high-tech companies and Brazilian enterprises established in the neighboring country.

The Brazilian Development Bank (BNDES) will provide resources for the fund, which will become operational within two months and will be administered by two banks on the Argentine side, Argentine officials said.

The initiative was announced following a meeting between Brazilian and Argentine officials on the integration of production and bilateral trade.

"The creation of this fund will help Brazil to develop a better trade relationship with Argentina, increase productive integration among countries, and help Brazilian companies to settle in Argentina," said Miguel Jorge，minister of development,industry and foreign trade.

Brazilian Finance Minister Guido Mantega called on both countries to make full use of the dynamic local market.

Brazil and Argentina are both main partners in the Common Market of the South (Mercosur), a regional trade bloc which also includes Paraguay and Uruguay.

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