Mexico and Brazil announce business council to boost trade

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Brazil and Mexico, the two largest economies in Latin America, decided to convene their businessmen to help both governments boost trade and mutual investment.

The creation of the Mexico-Brazil Business Council was announced after the conclusion of the IV Meeting of the Bilateral Commission in Brasilia, created by the two governments to strengthen their relations.

"With the objective of supporting the intensification of economic and trade relations, the two countries announced their intention to create a Mexico-Brazil Business Commission to bring the business leaders of both nations closer together," according to a statement issued by the Brazilian Foreign Ministry.

According to both governments, the investments of Brazilian companies in Mexico currently reach about US$30 billion, equivalent to the value of Mexican investments in Brazil.

Both sides highlighted the increase in bilateral trade, which reached US$9 billion in 2017, with a growth of 17.1% compared to 2016.

That growth has been maintained in 2018, as trade increased by 17% in the first eight months of the year compared to the same period last year.