President Michel Temer will attend the Fiftieth Summit of Heads of State of Mercosur and Associated Members in Mendoza, Argentina, on July 21, 2017. The meeting of Heads of State will be preceded by the Fiftieth Meeting of the Common Market Council, a ministerial decision-making body, on July 20.
The Summit of Heads of State brings an end to Argentina's pro tempore presidency of Mercosur, held by that country during the first half of 2017. During the Argentine presidency, progress has been made on the revitalization of Mercosur through the recovery of the objectives and principles of the 1991 Asuncion Treaty: trade integration and protection and promotion of human rights and democracy.
Mercosur is today the size of the fifth largest world economy, with a GDP of US$ 2.7 trillion and a total population of 291 million. According to UNCTAD, over the past two years Mercosur received 47% (2015) and 46% (2016) of the foreign direct investment in Latin America and the Caribbean, and 65% (2015 and 2016) of the foreign direct investment in South America.
The bloc is also fundamental to the industrial activity of its member states. In 2016, industrial products accounted for 84% of Brazil's exports to Mercosur. In comparison, industrial products accounted for 56% of Brazilian exports to the world.
At the end of the Summit, the bloc's pro tempore presidency will be transferred to Brazil. Brazil will continue to revitalize Mercosur in the areas of trade integration, human rights and democracy. Brazil will also focus on the strenghtening of the common market and the agenda of external negotiations of Mercosur, with an emphasis on consultations with the European Union, the European Free Trade Association, Canada and parters in Asia. In addition, the Brazilian presidency will continue to enforce the work program that has already been agreed upon with the Pacific Alliance.