The plan will focus on how a new currency which Brazil suggests calling the "sur" (south) could boost regional trade and reduce reliance on the US dollar.
“There will be...a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks,” Argentina’s economy minister Sergio Massa told the Financial Times.
Initially starting as a bilateral project, the initiative would later be extended to invite other Latin American nations, the report said, adding that an official announcement was expected during Brazilian President Luiz Inacio Lula da Silva’s visit to Argentina that starts on Sunday night.
Idea revived following change of leadership in Brazil
Politicians from both countries have discussed the idea already in 2019 but met with pushback from Brazil's central bank at the time.
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