Colombia and Brazil signed an agreement on Saturday that aims to boost bilateral trade between the two countries, particularly in the automotive sector,
The agreement, part of an effort to combat an economic slowdown, was signed between President Dilma Rousseff and her Colombian counterpart, Juan Manuel Santos, during her first visit to Colombia since 2011.
"The memorandum of understanding on the automotive sector was signed to develop the automotive industry and related sectors," the Brazilian president said.
The two countries hope the agreement will help create more jobs and increase exports.
"We hope that the understanding reached today between our governments to boost trade in vehicles will allow industries of both countries to be strengthened and supplemented to generate more exports and more jobs," said Colombia Trade Minister Cecilia Alvarez-Correa.
"In this time of global economic difficulties, everything we can do to enhance trade integration and investment between Brazil and Colombia is very important," said Santos, according to Reuters.
This is the Brazilian president's first official visit to Colombia since 2011, when she attended the Summit of the Americas, held in the Colombian city of Cartagena. Thgere Latin American leaders discussed furthering their efforts for regional integration.
On Friday, Brazilian ambassador to Colombia, Maria Elisa Berenguer, said: “Every Brazilian cooperation with Colombia, be it bilateral or through international organizations, is aimed to fulfill two objectives: Latin American integration and the principle of self-determination.”Economic ties between the two countries have grown dramatically over the years, increasing by 80 percent between 2010 and 2014, according to local media reports. This growth has been mainly in four key industries: banking, petroleum, steel and construction.