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Brazil, Argentina to create guarantee fund stimulating trade, source says

Reuters
Updated

BUENOS AIRES, Jan 23 (Reuters) - Brazil and Argentina will sign a bilateral agreement creating a guarantee fund to stimulate Brazilian exports, a Brazilian government source said on Monday, as officials from both governments meet for a summit in Buenos Aires.

Under the deal, Argentina will have to provide collateral guarantee for Brazil's trade financing with international liquidity, the source said, adding that the two largest economies in South America will also establish a working group to study creating a single clearing account in the continent. (Reporting by Lisandra Paraguassu; Editing by Steven Grattan)