International

Brazil and Venezuela consolidate alliances with the signing of agreements

Photo: @NicolasMaduro

May 31 |

The presidents of Venezuela, Nicolás Maduro, and Brazil, Luiz Inácio Lula da Silva, witnessed on Tuesday the signing of several agreements to strengthen bilateral cooperation in the diplomatic and agri-food fields, official sources reported.

In a ceremony held at the Itamaraty Palace, Brasilia, capital of Brazil, where the presidents participated in a meeting of South American presidents, the Memorandum of Understanding on agri-food matters was signed.

The text was signed by the Venezuelan Minister of Productive Agriculture and Lands, Wilmar Castro Soteldo, and the Brazilian Foreign Minister Mauro Vieira, according to the Venezuelan Ministry of Communication and Information in a press release.

This memorandum is aimed at “exploring opportunities and deepening exchanges in the areas of agriculture, livestock, sovereignty and food and nutritional security”, the press release added.

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Likewise, Foreign Minister Vieira signed with his Venezuelan counterpart, Yvan Gil, the Memorandum of Understanding for the Establishment of the Supervision and Follow-up Mechanism of the Brazil-Venezuela Bilateral Cooperation Program.

This agreement seeks to promote South-South technical cooperation based on the exchange of knowledge and experiences to face similar socio-economic development challenges.

The communiqué specified that with these alliances, Caracas and Brasilia reaffirm cooperation and the intention to deepen economic and commercial exchange, which reached US$6,000,000,000 in 2013.

Venezuela and Colombia create a Neighborhood Commission
During the same day, Foreign Minister Gil and his Colombian counterpart, Álvaro Leyva, signed the Agreement for the Creation of the Neighborhood and Integration Commission, a ceremony attended by Venezuelan President Nicolás Maduro and Colombian President Gustavo Petro.

The new commission will focus on promoting and coordinating cooperation in common border areas, as well as business and productive complementarity.

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The leaders underlined the existing commitment to consolidate diplomatic relations, which were reestablished last August, with the beginning of Petro’s mandate.

International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.