President Lula attends Mercosur Summit in Asunción, Paraguay
President Lula is participating in the Mercosur Summit this Monday (Jul. 8) in Asunción, Paraguay. The meeting marks Bolivia's entry into the bloc, bringing the total number of full members to six: Argentina, Brazil, Bolivia, Paraguay, Uruguay, and Venezuela, which is still suspended. Another notable point is the absence of Argentine President Javier Milei.
During the meeting, agreements are expected to be reached on investments in the Jirau Hydroelectric Power Plant near the Bolivian-Brazilian border, film production, and the prevention and combat of natural disasters.
Mercosur represents the world's 7th largest economy, boasting a GDP of nearly $3 trillion. In 2023, Brazil exported $23 billion to the bloc and imported $17 billion.
At the summit, Paraguay will pass the bloc's presidency to Uruguay. Later in the afternoon, President Lula will meet with Paraguayan President Santiago Peña before heading to Santa Cruz de La Sierra in Bolivia.
On Tuesday (9), Lula will meet with Bolivian President Luis Arce and engage with local businessmen.
