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

Haddad emphasised that Brazil doesn’t need to lose its export market share to Argentina, the place over 200 Brazilian firms aren’t exporting or not receiving funds because of the lack of overseas foreign money, he informed journalists.

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

“We’re looking for a mediated answer,” he stated, including that it “essentially” entails the granting of collaterals by Argentina, that are being presently studied.

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

In January, the 2 international locations introduced their intention to advance discussions on a typical South American foreign money for use in clearing homes to execute commerce funds between the 2 international locations, serving to partly to trim reliance on the greenback.

Brazil additionally determined to lately simplify procedures of the native foreign money fee system (SML), an infrastructure that brings collectively the central banks of Brazil, Argentina, Paraguay and Uruguay.