US, Brazil sign trade, economic cooperation agreement

- Sunday, March 20, 2011

US, Brazil sign trade, economic cooperation agreement

The US and Brazil signed on Saturday a trade and economic cooperation agreement to boost commerce, coinciding with President Barack Obama's visit to the largest Latin American nation.

The accord creates a US-Brazil commission to expand bilateral trade between the two countries and remove non-tariff obstacles, according to a statement from the US Trade Representative (USTR) Ron Kirk's office.

The commission will be co-chaired by the USTR and officials from the Brazilian ministries of foreign affairs and of trade, industry and development.

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President Obama, appearing with Brazilian President Dilma Rousseff in Brasilia on Saturday said Brazil is becoming a global economic leader and the two governments have an "historic opportunity" to deepen cooperation, international press reported.