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Weekly Report - 28 May 2015 (WR-15-21)
BRAZIL-MEXICO: Shaking up the tequila-caipirinha axis
Together, Brazil and Mexico account for 62% of the GDP of Latin America, 58% of its exports and 55% of its population. Yet annual trade between the two is just US$9.2bn. While Mexico has traditionally looked north to expand its commercial opportunities, Brazil has looked inwards, or to its South American neighbours. But the visit of Brazil’s President Dilma Rousseff to Mexico this week, the first since she took office in 2011, provides an opportunity for the two countries to shake-up, what Rousseff called “the tequila-caipirinha axis”. Mexico’s President Enrique Peña Nieto said he hopes the visit will result in a doubling of trade in the next 10 years.
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