Today, U.S. Secretary of Commerce Penny Pritzker discussed the importance of deepening trade relations between the United States and Brazil at the Brazil-U.S. Business Summit, hosted by the U.S. Chamber of Commerce. The event, which took place during Brazilian President Dilma Rousseff’s visit to D.C., highlighted the shared commitment of the United States and Brazil to work together to grow trade and investment between our two countries.

 

During her remarks, Secretary Pritzker underscored the long-standing and increasingly diverse partnership between the United States and Brazil. As the two largest countries and economies in the Western Hemisphere, the U.S. and Brazil must continue to strengthen their economic ties to ensure prosperity and stability throughout the entire region. Although Brazil has the world’s 7^th largest economy, it is only the United States’ 9^th largest trading partner. Bilateral trade between the U.S. and Brazil reached almost $73 billion last year, but there is still more work to be done.  

 

Forums such as the Brazil-U.S. Business Summit, allow the public and private sectors to collaborate and lay the groundwork for improved trade relations and a stronger economic partnership. The Commerce Department is working with its Brazilian counterparts on a series of policy priorities which will address the economic challenges currently facing businesses in the region. These include facilitating trade, aligning U.S. and Brazilian standards regimes, and improving cooperation in key economic areas such as defense and health care.

 

President Rousseff’s visit comes just a few weeks after Deputy Secretary Bruce Andrews traveled to Brasilia, Brazil to participate in the U.S.-Brazil CEO Forum. The Forum brought together U.S. and Brazilian business leaders to discuss joint recommendations to the U.S. and Brazilian governments on how to strengthen bilateral economic and commercial ties. At today’s Business Summit, the private sector members of the CEO Forum finalized their joint recommendations to U.S. and Brazilian governments.  Continued engagements between both countries underscores the important role the private sector plays in promoting more trade and investment in the Western Hemisphere.