A proposed free-trade agreement between China and a group of South American nations, which includes Argentina and Brazil, will benefit all sides economically, but will further increase competition between Washington and Beijing in the so-called backyard of the United States, according to analysts.
New leftist Brazilian President Luiz Inacio Lula da Silva said that the proposed deal between China and the Southern Common Market (Mercosur), which also includes Uruguay and Paraguay as full members, will modernise and open up the South American trade bloc to other regions.
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