Australia will invest 100 million Australian dollars (USD98.7 million) over four years in Latin America in a bid to broaden and deepen its engagement in the region. Australian Foreign Minister Kevin Rudd made the announcement at the Mercosur Council of Foreign and Trade Ministers’ meeting in Brazil. Rudd is the first Australian minister to address the council, which includes Argentina, Paraguay, Uruguay and Brazil.
As part of its investment in the region, Argentina will collaborate with Brazil in assisting less developed Latin American and Caribbean countries through a multilateral development cooperation agreement, according to a news release from Rudd’s office.
Meanwhile, Rudd also signed a memorandum on sports cooperation with Brazilian Trade Minister Celso Amorim.