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The meeting was summoned by Brazilian President Luiz Inacio Lula da Silva, Mercosur's current head, at the request of the Argentine government.
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Brazilian Foreign Minister Celso Amorim (C) speaks at a press conference after the meeting of the Common Market of the South (Mercosur) Council in Brasilia, Brazil, on Oct. 27, 2008. |
Initially, the meeting was restricted to foreign and finance ministers and central bank presidents of the Mercosur member nations including Brazil, Argentina, Paraguay and Uruguay. Representatives of Venezuela, which is now seeking the bloc's full membership, were also present.
The meeting was later opened to representatives of Mercosur's associated members -- Ecuador, Chile, Peru, Colombia and Bolivia.
The meeting aims to discuss the ongoing global financial crises and its impact on the Mercosur countries.
Last week, Brazilian Foreign Minister Celso Amorim said he hoped the meeting would help take a coordinated response to the crisis, to minimize its impact on the bloc.
Brazil hopes to prevent a protectionist wave in the Mercosur countries. Protectionist polices would be a mistake, Amorim said.
"Everybody knows the 1929 Crisis was caused by protectionism. Everyone defended themselves, transferring the problem to others. In the end, they all suffered. We can defend ourselves in a creative way, with our eyes fixed on the future," he stressed.