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Brazil on equal economic footing with India, China: Obama

Washington: President Barack Obama said the US should treat Brazil as an economic power at par with two Asian giants India and China.

“It’s time for the United States to treat our engagement with Brazil on economic issues as seriously as we do with nations like China and India,” Obama said in his address to the CEO Business Summit in Brasilia.

“This dialogue will help us do that by promoting economic cooperation, streamlining regulations, and enhancing international cooperation not only at the G20 but elsewhere,” the US President, who is currently visiting Brazil, said.

Obama and his Brazilian counterpart Dilma Rousseff announced completion of an agreement for a new Economic and Financial Dialogue.

“We’ve also completed an agreement for trade and economic cooperation which will help us expand the trade and investment that creates jobs in both of our countries. This agreement will also foster greater dialogue about how we can break down the barriers that still exist between our two nations,” Obama said.

Brazil is now the seventh largest economy in the world, and one of the fastest growing country. “What has been accomplished here in Brazil is nothing short of remarkable. It’s often been said that Brazil is a country for the future. Well, that future has now arrived. Despite the uncertainties over the last two years, Brazil has stepped onto the world stage as a major financial and economic power,” he said.

US supports the rise of Brazil as a global power, Obama mentioned. “That’s why we worked to empower the G20 — where Brazil has a prominent seat at the table — to be the premier forum for international economic cooperation. That’s why we supported a bigger role for Brazil in various international institutions such as the IMF and the World Bank.”

“That’s why Brazil is my first stop on my first trip to South America — because we seek a deeper partnership with your government and a closer friendship with your people. We believe that strengthening our economic ties will create new jobs and opportunities for both of our nations,” he added.

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