Brazil's and Mexico's governments will begin in July negotiations to expand an economic integration agreement that covers trade relations between the two countries. The announcement was made by President Dilma Rousseff in a state visit to Mexico City on Tuesday (May 26).

In a press statement following a private meeting with Mexican President Enrique Peña Nieto, Rousseff said that despite an Increase in trade between businesses from the two countries, the figures are still "short of the potential given the scale of our economies and our nations."

"The existing agreement covered just over 800 products, which seems handsome, but is still too modest for us, considering that over 6,000 products can be included in an agreement to mutually benefit our economies. As soon as possible, we will be expanding and balancing bilateral trade by adding other industries that are sadly not covered by the existing list, " the Brazilian president said.

Rousseff went on to urge closer relations between Brazil and Mexico, since they are the largest economies in Latin America, with the largest populations and vast territories.

According to President Peña Nieto, Rousseff's visit, with the signing of two major agreements, is a watershed. The deals signed between the two countries also include cooperation in tourism, environment, fisheries, agriculture, and air services.