Asuncion, 29 March 2022 (TDI): The Republic of Paraguay coordinated the 24th Ordinary Meeting of the International Cooperation Group (GCI) of the Mercosur bloc.

Paraguay currently holds the pro tempore Presidency of the bloc. The meeting was held online on Friday. The delegations of the member states attended the meeting along with the Technical Unit for International Cooperation (UTCI) of the Mercosur Secretariat.

Paraguayan officials including Minister Martha Medina, Guadalupe Jara, the head of Multilateral Cooperation, among others, took part in the meeting.

On the occasion, the officials developed a broad agenda that included, most importantly, the renewal of international cooperation agreements.

Moreover, they highlighted the significance of renewing the Memorandum of Understanding between Mercosur and CAF (Development Bank of Latin America).

The officials agreed that the MoU is important considering it will strengthen triangular cooperation. In addition, it will generate an exchange with other integration processes that foster South-South Cooperation at the regional level.

Likewise, they reviewed the progress made on the projects that are in force, despite two years of the pandemic. Also, they analyzed possible new proposals.

International Cooperation Group

The International Cooperation Group deals with matters of international cooperation. Furthermore, it is responsible for ensuring compliance with the guidelines of the International Cooperation Policy.

It ensures that the programs and projects proposed by the different bodies of the bloc are prepared and executed in accordance with the principles and objectives of the bloc’s policies.

MERCOSUR

The Mercosur (officially called “Southern Common Market”) is a South American trade bloc established in Asuncion, Paraguay in 1991.

The bloc aims for regional economic integration by promoting free trade and the free movement of goods, people, and currency. In 2019, Mercosur became the 5th largest economic bloc in terms of GDP.

It currently has four members; Argentina, Brazil, Paraguay, and Uruguay. Other South American countries take part in the organization as Associate Members.