Brazil, India, South Africa to Broaden "Voice of the South"

RIO DE JANEIRO, Sep 1 (IPS) - The sixth ministerial meeting of the India-Brazil-South Africa (IBSA) forum agreed Tuesday in Brasilia to strengthen the dialogue between the three emerging powers in order to establish common positions on regional and international matters and boost South-South cooperation.

The IBSA forum was created in 2003 as a mechanism for political consultation and coordination and to bolster economic relations between India, Brazil and South Africa.

IBSA provides a platform for the three large multicultural and multiracial democracies from three different continents to engage in discussions on cooperation in areas like agriculture, trade, defence and culture.

The three countries have a total combined population of nearly 1.4 million people and a combined GDP of more than 3.2 trillion dollars.

At their meeting in the Brazilian capital, foreign ministers Celso Amorin of Brazil, S.M. Krishna of India and Maite Nkoana-Mashabane of South Africa said they hoped trade among the three countries would climb from 10 billion dollars last year to 25 billion by 2015.

In a joint statement issued at the end of the meeting, the ministers said the channel of dialogue that has been established should serve to broaden the collective voice of the South. They also called for regional cooperation mechanisms based on common experiences and complementarities.

Click here to read the complete article by Fabiana Frayssinet

[Source] -- Inter Press Service News Agency (IPS)

Vietnam's first ETF begins trading in the US

Vietnam's first ETF, which tracks Market Vectors Vietnam index .MVVN, not the country's Hochiminh index began trading today.

Van Eck bets on Vietnam's growth with new ETF - Reuters

The Market Vectors Vietnam ETF (VNM) will be the first U.S.-listed ETF exclusively dedicated to Vietnam, mirroring the performance of the Market Vectors Vietnam index .MVVN, which tracks companies that generate at least 50 percent of their revenues in the country, Van Eck said in a statement.

"Vietnam is one of the world's most populous nations, and its well-educated, young population -- nearly half of the country's 90 million residents are under the age of 25 -- provides strong underpinnings for local economic growth," Van Eck said in the statement.

Click here to access the full article from Reuters by Walter Brandimarte

* Vietnam Flag, courtesy of CIA World Factbook

Peru ETF (EPU) launched Monday, June 22

Peru's first exchange traded fund, MSCI All Peru Capped Index Fund (EPU), started trading yesterday, Monday June 22, 2009.

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Seeking Alpha Reports:

The iShares MSCI All Peru Capped Index Fund (EPU) will allow US investors to easily access one of Latin America's hottest markets by tracking a pure free float market cap weighted index. Its 25 names are heavily concentrated in the materials sector (65%), with a particular focus on gold, silver, and copper. Its largest holding at 19% Cia De Minas Buenaventur (BVN) who produced nearly half a million ounces of gold last year (compared to Goldcorp's 2.4), and its second largest at 15% is Southern Copper (PCU), the biggest player in the world's fourth largest copper producing nation.

The fund also holds an 11% weighting in Credicorp (BAP) - Peru's largest financial firm with operations in commercial banking, insurance, and investment banking - whose shares have held up well during the crisis, and several smaller miners with operations in lead, zinc, and iron.
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Now then... it is time for a few "million dollar questions.

a) Does this ETF facilitate investment in Peruvian equities for international investors?
Yes, as one of the world's best performing benchmarks of the year, loaded with companies seeing gains of well over 60-70% from the beginning of 2009, it will indeed offer investors a way to tap into these companies not listed via ADR's or OTC.

b) Does this ETF accurately track a Peruvian benchmark , like the Lima General Index?
Time will tell. ETF's always claim that they do, but I won't fully believe it until I see hard data supporting such. This ETF does not track Peru's Lima General Index, but rather MSCI All Peru Capped Index. Click here to access a PDF that explains the methodology behind MSCI All Peru Capped Index.


c) Is now the right time to invest?

Here are some factors to consider when doing your own due diligence:

• Markets around the world are down and it seems the downward trends in recent markets might continue throughout the summer months.

• Copper, gold and silver have already had pretty amazing run ups in recent months and are Peru's crown jewels of commodity exports (yes there are others like zinc, but lets emphasize these major Peruvian money makers for the time being).

• Volatility due to the political risk associated with the upcoming Peruvian elections in 2011 which pit two extreme candidates of the left and right against one another. Ollanta Humala, the left-wing buddy of Chavez and Keiko Fujimori, right wing, daughter of former president & dictator Alberto Fujimori.

• Recent political unrest in the Amazon region which only calmed down after heated disputes between the government and indigenous protesters lead the deaths of many Peruvian police officers and the massacre of protesters, forced to rely on wooden spears to defend themselves against high powered weapons. *** Note, this is the opinion of this sites humble and open minded Peruvian-American blogger, who can trace his ancestry on his maternal grandfathers side back to the amazon provinces of San Martin and Amazonas, Peru.

• Perceived instability (political and financial) as a result of plummiting approval ratings of President Alan Garcia, who was instrumental is creating the climate for the recent protests in the Amazon--contrary to the popular belief of those who believe his propaganda. Garcia's administration loves to blame Hugo Chavez and Evo Morales for everything wrong with Peru and as crazy as it might be, it is a great deal like Ahmadinejad in Iran who blames the West whenever something goes wrong.

I have used this statement from Iran's state television station about the protests occurring right now to articulate my point.

"At least 10 people were killed in the latest unrest to shake Tehran (Bagua), state television said on Sunday as Iranian leaders (President Garcia's administration) took aim at Western "meddling" (Hugo Chavez and Evo Morales "meddling") in the post-election tumult (Peruvian Amazon Region) that has triggered the worst crisis since the Islamic revolution (the worst political unrest in his Presidential Term).

Invest wisely my friends! More to come on this topic at the end of the week.

Analysis by Benito

Laying the foundation for a tri-nation Boliviaran mining giant in South America

[South-South Cooperation] -- Ecuador, Venezuela, Bolivia

The Ecuadorian government announced plans yesterday of the establishment of a joint mining company with the country of Venezuela and possibly Bolivia. You can read all the vague details in this article from Chinamining.

"We are going to build a great mining company in association with Venezuela and perhaps with Bolivia to exploit some veins of mine ore returned to the State from private hands,"said Ecuadorian Minister of Mines and Petroleum Derlis Palacios.

Ecuador Pays 35 Cents for Defaulted Bonds in Buyback

Ecuador paid 35 cents on the dollar to holders of as much as $3.2 billion of defaulted bonds and gave creditors a second chance to sell back their securities.

The payout is 5 cents more than the minimum price set by the government and the 30-cent payout offered by Argentina in its 2005 debt restructuring. Ecuador didn’t say how many investors participated in the buyback.

The government, seeking to pressure bondholders into participating, said it won’t improve the offer to those creditors who hold out of the buyback auctions. President Rafael Correa halted payments in December on $510 million of 2012 bonds and in March on $2.7 billion of 2030 bonds, saying the securities were “illegitimate” and “illegal.” A drop in oil exports has sparked a tumble in Ecuador’s reserves.

The repurchase prices “reflect the resources of the republic and are responsive to the majority of the offers received,” Finance Minister Maria Elsa Viteri said in a statement. “The republic will not offer equal or more favourable terms to those being offered to holders of bonds presently.”

Ecuador’s stance is similar to that of Argentina after its 2005 debt settlement. Creditors holding $20 billion of the bonds Argentina defaulted on in 2001 rejected the government’s offer of about 30 cents on the dollar. Then-President Nestor Kirchner pushed legislation through congress that blocks the government from making a second offer to creditors.

Click here to access the full article from Bloomberg

Indian stocks surge; Sensex advances 17% on Congress win

The bulls were right. Financial markets cheered and celebrated after Manmohan Singh and Sonia Gandhi's Congress Party won nation wide elections.


India's Sensex index surged 17% Monday, forcing a halt trading for the first time ever after the daily limits where breached.

The Indian rupee appreciated 3% against the dollar and the benchmark bond yield fell 12 basis points, the most in weeks according to this Bloomberg article.

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Here is what some of the "financial experts" had to offer Bloomberg and the Financial Times (click links to access each respective article).

“Markets are euphoric,” said Rahul Chadha, the Hong Kong- based head of Indian equities at Mirae Asset Global Investment, with $46 billion in global equities. “The focus by federal and state governments on development will lead to a structural re- rating of India.”

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“The election result is extremely positive and very, very bullish,” Madhusudan Kela, head of equities at Mumbai-based Reliance Capital Asset Management, the nation’s largest money manager overseeing $18 billion of assets, said in an interview. “This will provide a government which is stable and has powers to take decisions.”

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“India is potentially looking at a decade of good reforms and growth,” said Glenn Maguire, chief Asia Pacific economist at Societe Generale in Hong Kong. “This is a pretty big outcome.

India to develope blueprint for a pan-african stock exchange

South-South Cooperation: India-Africa

According to this article from the Economic Times of India, The National Stock Exchange of India (NSE) has been asked to prepare a blueprint for a pan-African stock exchange.


This is a very clever, interesting method for India to extend its influence and presence in the Africa, especially as it sees China's influence rising rapidly.

Deepshikha Sikarwar of the Economic Times writes:

"Helping set up the stock exchange is part of New Delhi’s Africa initiative aimed at bolstering South-South co-operation. India also wants to counter the growing Chinese influence in the continent."

The NSE may partner up with stock markets in 53 African countries with the goal of enabling local companies in limited markets participate in larger financial markets, giving companies access to previously unavailable capital.

It would also allow African investors to park their capital in more places on their own continent. A good thing to have happen if you hope to spur internal growth by having locals invest in their own economies--the stock market offers a way to do this.

India has already ventured into Africa with similar continent wide plans, recently launching a Pan African e-network project. A joint initiative with members of the African Union to help connect member countries through satellite and fibre-optic cable networks. The project also links African universities with their peers in India.

Information exchange is key people... Absolutely key.

Brazil's President seeks new safe guards on Tulip Oil field investments

Monday, May 04, 2009 - Rigzone

Brazilian President Luiz Inacio Lula da Silva called Friday for officials to finalize new oil laws giving the country a greater stake in recent oil finds, saying the legislation was urgently needed to guarantee Brazil's future.

Click title of post to access the full article from Rigzone

Jimmy Rogers tells it like it is

Jim Rogers spoke his mind on Bloomberg TV - Singapore last night.



Here are some highlights of the interview with Betty Lu.

"If it hits the global economy like it did Asia 5-6 years ago it's going to be a disaster. As you remember, I think you were Asia closed down for about 6 months. People didn't goto school, they didn't go to work, they didn't ride the bus, they didn't get on airplanes. This could be a real disaster at a time when the world economy is already weakened."

and

"I hardly consider this an emerging markets problem, if you remember 5-6 years ago Singapore and Hong Kong which are hardly emerging markets were devastated by what happened. I mean in the US, so far apparently its hitting the US too, its certainly not hitting other markets, its hitting the big countries so far."

and...

"Betty can you imagine what Karl Marx must be thinking right now! That poor guy somewhere is saying America is finally succumbing. The Automobile industry is owned by the government and by the labor unions. The banks, the financial institutions are owned by the government. What more could he want? When you look at America in 10 years what are you going to look back on?"

and one more...

"So i'm sitting here with some money, looking for things to invest in. The only things I can find where the fundamentals continue to improve are commodities, which we have discussed before on this show. The commodity fundamentals are getting better no matter what happens to the rest of the world. The fundamentals of General Motors are not getting better. The fundamentals of Citibank are not getting better."

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Jim Rogers new book has also just hit the presses -- A Gift to my Children

Product Description-- [Amazon.com]

He’s the swashbuckling world traveler and legendary investor who made his fortune before he was forty. Now the bestselling author of A Bull in China, Hot Commodities, and Adventure Capitalist shares a heartfelt, indispensable guide for his daughters (and all young investors) to find success and happiness. In A Gift to My Children, Jim Rogers offers advice with his trademark candor and confidence, but this time he adds paternal compassion, protectiveness, and love. Rogers reveals how to learn from his triumphs and mistakes in order to achieve a prosperous, well-lived life. For example:


• Trust your own judgment: Rogers sensed China’s true potential way back in the 1980s, at a time when most analysts were highly skeptical of its prospects for growth.

• Focus on what you like: Rogers was five when he started collecting empty bottles at baseball games instead of playing.

• Be persistent: Coming to Yale from rural Alabama, and in over his head, Rogers never stopped studying and wound up with a scholarship to Oxford.

• See the world: In 1990, Rogers traveled through six continents by motorcycle, gaining a global perspective and learning how to evaluate prospects in rapidly developing countries such as Brazil, Russia, India, and China.

• Nothing is really new: anything deemed “innovative” or “unprecedented” is usually just overhyped, as in the case of the Internet or TV, airplanes, and railroads before it

• And not a bit off the subject, and very important: Boys will need you more than you’ll need them!

Wise and warm, accessible and inspiring, A Gift to My Children is a great gift for all those just starting to invest in their futures.


About the Author
Jim Rogers co-founded the Quantum Fund before he turned 30 and retired at age thirty-seven. Since then, he has served as a sometime professor of finance at Columbia University’s business school, and as a media commentator worldwide. He is the author of A Bull in China, Hot Commodities, Adventure Capitalist, and Investment Biker. He recently moved to Asia with his wife and daughters.

Tata Nano hits the streets of India

The long awaited Tata Nano hit the streets of India on Thursday with the company and dealers around India confident of strong demand in light of the global economic crisis which has hit the auto industry especially hard.


With a sticker price of 100,000 rupee's ($2000) the Nano is by far the cheapest car in the world. Despite this tempting price, a major concern in many investors minds must have been how India's consumers would be able to secure loans or if they would even be willing to take out a loans for a car in such volatile economic times.

Thankfully the Tata Motors Finance (TMF), the financing arm of Tata Motors, today announced the launch of an attractive loan program which include no upper limit on the number of cars to be booked through TMF, once the customers have submitted the forms a booking amount would be made to Tata Motors on behalf of the customers, applicants who have been allotted the car do not loose any amount except cost of the booking form and initial payments.

To facilitate the booking process, multiple touch-points have been created all over the country. As part of the arrangement, TMF will be assisted by Tata Capital Limited, E-nxt Limited, Tata Motor dealers, Tata Securities outlets and all channel partners – DSAs & Vendors to ensure wider distribution. The booking scheme offered by TMF will enable a customer to book the Nano by paying an amount starting Rs 3,199/- only for the base model.

All in all, there's high hopes for the Nanao which Tata Motors chairman Ratan Tata has said will "create a safe, affordable, all-weather form of transport for Indian families. Families of four -- and more -- are regularly seen balancing precariously on motorcycles weaving through the country's notoriously lethal congested traffic."


Here are some articles about the Nano launch

World's cheapest car goes on sale in India - AFP
Tata Nano Goes on Sale - Wall Street Journal
Tata Motors' special scheme for Nano - The Business Standard
Q+A: Bookings open for Tata's Nano, world's cheapest car - Reuters UK

Sino-Venezuelan Cooperation

Good old Hu Jintao and señor Chavez met in Beijing today and agreed to step up their efforts to advance cooperation in energy, agriculture and technology.

The two also agreed to take joint steps to combat the financial crisis. How they hope to achieve such a grand goal, one can not say. All in all it's not much different than all the talk that has been going on about fighting the global financial crisis.

Chinese President Hu Jintao (R) meets with Venezuelan President Hugo Chavez
at the Great Hall of the People in Beijing, capital of China, 4/8/09. (Xinhua)

APEC, the UN, IMF, US-Euro, the "G2," etc. All these multilateral organizations and the major economies of the world seem to be making a lot of pledges these days. If anything I think its a good thing in order to restore confidence around the globe. As for this recent foray of China-Venezuelan Cooperation, it is nothing THAT special.

It indicates Chavez continues to aggressively pursue new export markets for Venezuela's oil. Chavez was in Japan earlier this week where he also succeed in getting Japan to promise over $30 billion in investments for Venezuela's oil and gas industry in exchange for guaranteeing a healthy supply for the island (see this Bloomberg article).

Chavez also thanked China for the successful launch of Venezuela's first telecommunications satellite, which according to Chavez will help the "Bolivarian Nation," (a.k.a. Venezuela) achieve scientific and technological independence (see this CNN article about the launch).

Second, it shows that even in the wake of a financial crisis, developing nations are mutually interested in building their relations for the long-term. This means that they remain optimistic about the long-term picture.

A good thing considering growth in the developing world and rising demand from domestic economies is going play a siginificant role in helping the global ecoonomy emerge from this financial crisis.

Of all the announcements, the most important would have to be Hu Jintao's rhetoric. China has its poker face on and is planning its next couple of moves VERY carefully.

The financial crisis has given it a golden opportunity to assert it self on to the world stage. Personally, I believe leaders in China would have preferred to wait a while longer before being forced onto the world stage as a major decision maker and agent of change.

By forging strong alliances with the other developing countries like Venezuela and more importantly the fellow members of the BRIC block (Brazil, Russia, India and China), Hu Jintao and the rest of China's leaders are slowly building allies to support China in a new global framwork.

South-South Cooperation: Chile supports India as permanent member of UN Security Council - MercoPress

India and Chile reaffirmed their support for a comprehensive reform of the United Nations including expansion of the Security Council to make the world body more representative, legitimate and effective.

PM Manmohan Singh and visiting Chilean President Michelle Bachelet stressed and acknowledged the need for continued efforts by member states to ensure "meaningful and result-oriented intergovernmental negotiations".

Chilean President Michelle Bachelet with PM Manmohan Singh

The joint statement issued after the meeting said that Chile reiterated its support for India's permanent membership on an expanded UN Security Council. It also confirmed their reciprocal support for each other's candidature for non-permanent membership of the UN Security Council for 2011-12 (India) and 2014-15 (Chile).

Click here to access the complete article from MercoPress

China and Argentina Agree on Currency Swap --Update from IDB annual meeting in Colombia

March 30 (Bloomberg) -- The central banks of China and Argentina reached an agreement for a three-year, 70 billion yuan ($10 billion) currency swap, Chinese Central Bank Governor Zhou Xiaochuan told reporters in Medellin, Colombia, today.

It’s the first such accord between the world’s third- biggest economy and a Latin American nation. The move follows swap accords between China and Indonesia, South Korea, Hong Kong, Malaysia and Belarus.

The agreement broadens Argentina’s access to foreign- currency reserves and may ease concerns about the country’s ability to control the peso amid uncertainty over a conflict with farmers over export taxes and legislative elections scheduled for June 28. Argentina wasn’t part of a swap facility program created by the U.S. Federal Reserve for emerging markets, including Brazil and Mexico, last year.

Click here to access this full article from Bloomberg

Good weekend reading: South-South Cooperation in Latin America and the Caribbean, ways ahead following Accra

This 6-page Spanish document aims to analyze the opportunities and challenges of South-South cooperation in Latin America and the Caribbean.

South-South Cooperation in Latin America and the Caribbean: Ways Ahead from Accra

Below I have copy and pasted the opening of the document. Click the link above to download the PDF to your desktop. It's only 6 pages and not a bad read. Enjoy.

South-South cooperation has gained prominence in global development policies as a result of its inclusion in the Accra Agenda for Action, the September 2008 agreement which reinforces the aid effectiveness principles of the Paris Declaration. This opens up an important forum for encouraging South-South cooperation as a mechanism for horizontal learning and for promoting the development of national capacities. However, strengthening South-South cooperation at the conceptual and operational levels still poses major challenges, as does improving the measurement of its scale and impact.

Looking to the new task team on South-South Cooperation within the Working Group on Aid Effectiveness (WP-EFF), the following pages aim to analyze the opportunities and challenges of South-South cooperation in Latin America and the Caribbean. As a region containing countries with numerous similarities in their political and institutional history and patterns of social and economic development, Latin America and the Caribbean constitutes a privileged environment where a number of shared agendas are already evolving. However, the operationalisation of South-South cooperation within the framework of the Accra Agenda for Action and the Paris Declaration also faces a series of specific circumstances1 that future political decisions and analytical work need to address in concrete ways.

The ideas expressed in this document stem from the joint reflections of two researchers from the Colombian organization Enlaza and the European think tank FRIDE, respectively. The analysis has benefit ted particularly from bilateral talks with Latin American and European experts over the past three months, on the one hand, and a workshop held on 6 March 2009 in Bogota, on the other. Both authors wish to express their deep gratitude to all interviewees for sharing their vision on South-South cooperation, which is increasingly important to Latin America and the Caribbean.

María Clara Sanín Betancourt, Nils-Sjard Schulz of FRIDA
-- Fundación para las Relaciones Internacionales y el Diálogo Exterior

About FRIDE
FRIDE is a think tank based in Madrid that aims to provide the best and most innovative thinking on Europe’s role in the international arena. It strives to break new ground in its core research interests of peace and security, human rights, democracy promotion, and development and humanitarian aid, and mould debate in governmental and non-governmental bodies through rigorous analysis, rooted in the values of justice, equality and democracy.

FRIDE seeks to provide fresh and innovative thinking on Europe’s role on the international stage. As a prominent European think tank, FRIDE benefits from political independence, diversity of views and the intellectual background of its international staff.

Analysis: Tata Motors Launches the Tata Nano -- $2000 car

Tata Motors, one of my favorite emerging market companies for a variety of reasons, released it's long awaited Tata Nano today. The car is priced at a very affordable $2000 usd or 100,000 rupees.

Already being deemed "The People's Car," Tata Motors has high hopes for it's Nano. Tata Motors recently financed the purchase of Land Rover and Jaguar with debt and has bonds coming due this summer. Tata Motors also recently lost a great deal of money after having to abandon it's original factory it built for assembling Nano's because of local protests.

These two problems highlight the Tata's dire need to generate some cash. The Nano will hopefully help. The Indian government has also recently pledged to help certain state banks in some regions by offering subsidized loans to them if they make car loans to people looking to purchase a Tata vehicle.

Despite seeing it's stock plummet in value over the past 8 months, Tata Motors still offers a very attractive dividend of 7.8%. Yes the company is straddled with debt after its recent acquisition, but it does have a solid cash flow coming into from a relatively still well preforming market... a.k.a, India (at least when compared with other areas in the global economy).

Furthermore, there is a great deal of back logged demand for transportation in India. As the central government attempts to stimulate growth by expandinginfrastructure, Tata Motors will be a clear winner.

At the moment avg travel speeds on Indian roads are horrendous. Tata Motors can also take advantage of this because even though the specs of the Nano (see this Reuters article) are a bit lacking, there is no need to travel with a V-8 engine in India when you can rarely, if ever take your car above 30 miles per hour.

Increases in infrastructure spending will spur demand for cars and thanks to such the incredible growth of India and the increasing number of vehicles hitting the market every year will make the Nano very appealing in the years to come for new drivers hoping to get their hands on their first car in India.

On a side note, Tata Motors aquisiton of Land Rover and Jaguar may have come at a very bad time in the auto industry, but they no less did adquire two luxury car brands. This will give them the ability to one day penatrate western markets with greater ease and higher quality products.

There's already news Tata Motors plans to bring the Nano to the United States in 3 years time. If you don't believe me, check out this Reuters article from Today.

"I believe within the next three or so years we could develop a version of the Nano with options the U.S. market might want to have," said Ratan Tata, Tata Motors chairman."

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Time to Buy??? Yes maybe you missed the Nano launch bump, but long term this is looking rather tempting... (Tata Motors: TTM)

The Tata Nano

The Latin American zinc association (Latiza)

I didn't even realize this organization existed until I stumbled upon a interesting "in depth" piece that BNAmerica's did on it.

The Latin American Zinc Association (Latiza) is a regional branch of the International Zinc Association, which comprises both zinc producers, miners and refiners. Latin America, if you did not know produces roughly 23% of the global output of zinc, a very commonly used base metal.

If you're interested in learning more about Latiza and can read Spanish you should definitely check out their home page at:

http://www.latiza.com/primero.html

Kokkie Kooyman on emerging markets

Kokkie Kooyman from SIM Global gives his reasons why emerging market stocks are good value

Morocco-Paraguay hold first joint meeting to boost co-operation

Some interesting news in the field of “South-South Cooperation” arrived in my email box this evening.

The underlying point is simple. Developing nations in today's globalized world are going to be looking towards one another for new opportunities more and more, and towards the developed world less and less... at least proportionately.

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The first Morocco-Paraguay joint committee meeting, which kicked off Monday in the Moroccan capital, Rabat, is an opportunity to strengthen bilateral co-operation at all levels and in all areas, Moroccan Foreign Minister, Taieb Fassi Fihri said.

Speaking to reporters following the opening ceremony, Fassi Fihri recalled the kingdom's experience in south-South co-operation, stressing that king Mohammed VI takes great interest in this co-operation as a forum for a better exchange of expertise and sharing of competences.

He underlined, in this regard, the two countries' desire to work together to deepen their political dialogue and strengthen co-operation in several fields, mainly agriculture, water and electricity, health, human development and poverty eradication.

Co-operation opportunities, especially in banking, trade and investment, were also among the issues tackled by the FM, who stressed the importance of strengthening cultural co-operation as well between the two countries.

On his part, Paraguay’s Foreign Minister, Alejandro Hamed Franco, who co-chairs this session with his Moroccan peer, said this meeting is “a new step” in bilateral relations.

Click here to access the full article from ISRIA, Geopolitical Intelligence

South-South Cooperation in focus: Chinese Vice President: Sino-Latin American Cooperation Shows Promising Future

Visiting Chinese Vice President Xi Jinping says cooperation between China and Latin America has a promising future and both sides will step up further cooperation.

Xi Jinping made the statements during his visit to Brazil.

"As the world's largest developing country, China will step-up all-round and mutually beneficial cooperation with Latin America, the most important developing region, to a higher level. Sino-Latin American cooperation has a promising future."

Xi Jinping notes that his Latin America tour has been fruitful.

"During these Latin America visits, I've held talks with some leaders on how to enhance our cooperation and bilateral relations under a new international situation. We have also attended various signing ceremonies on a range of cooperation projects."

During his visit to Brazil, Xi Jinping met with Brazilian president Luiz Inacio Lula da Silva and Foreign Minister Celso Amorim about deepening strategic partnerships.

Click here to listen to Xi Jinping's statement