BRASILIA - Brazil and Argentina on Wednesday agreed to work together to modernize the South American trade bloc Mercosur (Southern Common Market) to make it more “streamlined” and “relevant.”

The agreement was reached when visiting Argentine President Mauricio Macri met with his Brazilian counterpart Jair Bolsonaro in Brasilia.

In a joint statement following their private meeting, both said they agreed “to review the common external tariff, improve access to markets and make progress on easing trade and regulatory convergence” within the framework of the Mercosur bloc.

Macri’s government currently holds the rotating presidency of the bloc founded in the early 1990s by Argentina, Brazil, Paraguay and Uruguay.

“We agree on the importance of enhancing the bloc along with the other partners - Paraguay and Uruguay - and proposing a new work agenda,” Bolsonaro said after the meet