On Tuesday, Bolivian President Luis Alberto Arce Catacora rejected the constraints imposed by the U.S. financial system, urging the Southern Common Market (Mercosur) to "reduce dependence on the U.S. dollar," and strengthen local currencies in South America for foreign trade, as survival mechanisms in the midst of a "structural crisis of capitalism".
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"Our region is seriously impacted by the restrictions and regulations imposed by the U.S. financial system, which limit financing options and chances to access international markets," Arce said in a speech at the 62nd Summit of Heads of State of Mercosur and Associated States in Puerto Iguazu, Argentina
"It is necessary to reduce dependence on the U.S. dollar and diversify our economic and trade relations," he added.
According to Arce, Bolivia is currently in the process of joining the trade bloc. During his speech to the presidents present, the Arce also called for "strategic alliances with other international players," such as China, which offer alternatives to the dollar in trade and investment.
"We cannot ignore ... the emergence of a Eurasian and Asian bloc, organized in BRICS and other integration mechanisms, which are opportunities for the construction of a new world economic order," Arce said.
Furthermore, Arce called for the full adhesion of Bolivia to Mercosur while Brazil holds the pro tempore presidency of the South American regional bloc, in order to promote regional projects such as the industrialization of lithium.
In this sense, he assured that "the Bolivian people have a vocation for integration."
"We consider that Bolivia's accession to Mercosur represents a unique opportunity to strengthen integration, expand trade and regional cooperation," he said.