Brazil, Argentina and Venezuela call for faster regional integration

May 10, 2005 02:00 AM

Brazilian, Argentine and Venezuelan presidents have expressed their wish to accelerate regional integration of South America, Brazilian president's political adviser Marco Aurelio Garcia said.
Brazilian President Luis Inacio Lula da Silva held talks with Argentine President Nelson Kirchner and Venezuelan President Hugo Chavez, who arrived for the first South American-Arab summit.

Lula da Silva said that Brazil wants to invest more in Venezuela 's oil exploration and speed up the construction of an oil refinery in north-eastern Brazil, according to Garcia.
The Brazilian president also hoped that the three countries will speed up cooperation in oil exploration in Venezuela, the world's fifth oil exporter.

The three presidents also discussed the creation of development banks. Chavez suggested to set up a fund that could help countries facing financial difficulties.
South America's all 12 countries signed an agreement in December 2004 to establish the South American Community of Nations, a block which they wish will work like the European Union.

Source: Xinhua
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