Treasury Notes

 Secretary Lew Embarks on Trip to Brazil and Mexico to Highlight Strong Partnerships and Economic Importance of Latin America

By: Holly Shulman
3/17/2014

Secretary Jacob J. Lew starts his trip today to Brazil and Mexico, presenting a critical opportunity to build on the strong and mutually beneficial economic relationships that we have with our neighbors in the Western Hemisphere. With his foreign counterparts, he will discuss the need for major economies in the region to take the policy steps necessary to promote strong, sustainable, and inclusive economic growth, and how we can work together to maximize the potential of our economic relationships and promote greater job creation in all of our nations.
 
The United States has strong economic relationships with both countries. On Monday, Secretary Lew’s first stop will be in Brazil, whose $2.3 trillion economy is the second largest in the Western Hemisphere after the United States, and the second largest emerging market in the world. U.S.- Brazil bilateral trade in goods and services exceeds $100 billion a year.
 
On Tuesday, Secretary Lew will visit Mexico. After Canada, Mexico is the second-largest destination in the world for U.S. exports, purchasing about $250 billion worth of U.S. goods and services in 2012 alone.  We are working together closely with Mexico to conclude a high-standard Trans-Pacific Partnership Agreement, which will encourage competitiveness while expanding trade and investment.  Secretary Lew will also underscore the importance of our continued cooperation to combat money laundering and protect the integrity of our shared financial system. In Mexico City, Secretary Lew will visit a transportation project intended to improve urban mobility, ease traffic congestion, and reduce carbon emissions in one of the largest cities in the world. The project was funded in part by the Global Environment Facility (GEF), in which the U.S. is the largest donor, and serves as a clear example of how programs Treasury supports can benefit millions and have a lasting impact across our shared continent.
 
In both countries, the Secretary will be meeting with senior government officials and business leaders to discuss the state of the regional and global economies. The growth of the middle class in Brazil and Mexico represents an important engine of future opportunities for U.S. firms and workers.  This growing middle class means new customers for American goods and services.  We also are investing in each other’s economies, as Brazil and Mexico are not only destinations for U.S. investment, but they are also starting to invest in and to generate employment here in the U.S..
 
During his trip, the Secretary will also of course discuss the urgent situation in Ukraine and the imperative of passing International Monetary Fund governance reform legislation in the U.S. This will enable the Fund to continue to support emerging markets and economic stability worldwide, and better reflects the realities of today’s global economy.
 
Stay tuned for the latest updates of the Secretary’s trip on Treasury Notes and on
@USTreasury Twitter.
 
 
Holly Shulman is the Spokesperson for International Affairs at the United States Department of the Treasury.
Posted in:  International Affairs
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