BRASILIA (Reuters) – Brazilian Finance Minister Fernando Haddad stated on Tuesday the nation was engaged on an answer to make sure Brazilian exporters are paid for gross sales to Argentina, which is at present going through a extreme financial disaster and to a scarcity of US {dollars}.

Haddad pressured that Brazil doesn’t need to lose its share of the export market to Argentina, the place greater than 200 Brazilian firms don’t export or obtain funds attributable to lack of overseas forex, he stated. he instructed reporters.

Argentina is Brazil’s third largest buying and selling accomplice after China and america.

“We’re looking for a mediatized resolution,” he stated, including that it “essentially” entails the granting of ensures by Argentina, that are at present being studied.

Haddad will participate in a gathering between Brazilian President Luiz Inacio Lula da Silva and Argentina’s Alberto Fernandez afterward Tuesday.

In January, the 2 international locations introduced their intention to advance discussions on a typical South American forex for use in clearing homes to execute business funds between the 2 international locations, serving to partially to scale back dependence on the greenback.

Brazil has additionally determined to just lately simplify the procedures of the native forex cost system (MLS), an infrastructure that brings collectively the central banks of Brazil, Argentina, Paraguay and Uruguay.