Mercosur to reduce customs fees

The Mercosur trade bloc has reached a deal on a common customs code that should speed up and reduce the cost of commerce across South America.

Argentine President Cristina Fernandez says she and six other presidents approved the regulations.

She gave no details pending a news conference later Tuesday, but the proposal was to do away with double-billing of import taxes on goods that travel through one Mercosur country to another.

Fernandez says the deal shows Mercosur is no longer just a forum for idle talk. Brazil's President Luiz Inacio Lula da Silva calls it the most successful Mercosur summit ever.

Venezuela tried to bring up its brewing dispute with Colombia, but other members suggested the summit was the wrong venue.

The Venezuelan foreign minister Nicholas Maduro wants the group to condemn Colombia over a border conflict with his country.

Argentina's delegation at the Mercosur gathering says another regional group, Unasur, is the appropriate place to solve that problem.

The seven-nation summit in provincial Argentina is focused on reducing the costs and bureaucracy of trade across the continent, including creating uniform customs duties.

Venezuela severed diplomatic relations after Colombia released evidence it says proves that its neighbour gives haven to Colombian rebels.

- AP