World Bulletin / News Desk

Mexico and Brazil signed several agreements Tuesday on trade, investment and culture during a two-day visit here by Brazilian President Dilma Rousseff.

Mexican President Enrique Pena Neto and Rousseff also discussed the enlargement of the Economic Complementary Agreement (ACE-53), a document signed in 2002 that loosened restrictions on 800 agricultural and industrial products.

Beginning next July, both countries will negotiate the possible easing of restriction on more than 6,000 products. 

The two leaders are also likely to discuss possible energy agreements before Rousseff’s visit ends Thursday. Enrique Pena Nieto is looking for new investors to boost his controversial energy reform launched in 2012 that will end a 75-year monopoly by state-run oil company Petroleos Mexicanos, or Pemex.

Rousseff told local newspaper La Jornada that she expected Pemex will invest in the exploration and production of hydrocarbons in deep waters off Brazil.

In addition to meeting with Pena Nieto, the Brazilian president will participate in a session of Congress and is also scheduled to meet with Mexico City Mayor Miguel Angel Mancera.

Mexico and Brazil represent 62 percent of Latin America’s GDP.

In 2014, the regional powers recorded $9.2 billion in bilateral trade. Pena Nieto and Roussef said they expect to double that amount by 2025.