Brazil's new foreign minister Mauro Vieira has left for Beijing to attend the first ministerial meeting between China and the Community of Latin American and Caribbean States, CELAC, according to reports from Brasilia.
Brazil registered its first annual trade deficit since 2000, according to official data released on Monday. Latin America's largest economy slowed down in 2014 and prices fell for iron ore, soybeans and other key commodities exports.
Brazil must focus on making difficult fiscal adjustments in order to get economic growth and investment back in gear, the country's new Finance Minister Joaquim Levy said on Monday. At his swearing-in ceremony in Brasilia, Levy said the process will require the participation of society as a whole and will involve changes to taxes and spending, without resorting to accounting shortcuts.
Uruguayan president Jose Mujica defended Brazil's leadership in helping Latin America carve a place and advance in the world context, but at the same time underlined that even when Brazil seems large to its neighbors, together with the rest of the countries, the region is still small in global terms.
On the sidelines of the inauguration of Brazil's President Dilma Rousseff at the Planalto Palace seat of Brazil's Executive, U.S. Vice President Joe Biden met briefly with Venezuela President Nicolas Maduro in a hand-shake facilitated by Uruguay President Jose Mujica.
Brazil’s President, Dilma Rousseff, 67, began her second term Thursday, January first vowing to rein in government spending to curb inflation and pull Latin America’s largest economy out of a four-year slump.
The Brazilian government announced it will limit unemployment and pension benefits as part of its plans to shore up depleted finances and regain investor confidence. Likewise the Central bank said that following a fourth year of low growth, Brazil will miss its fiscal target for 2014 by a wide margin.
Uruguay's president Jose Mujica and elected president Tabare Vazquez will attend the inauguration, on January first, of Brazilian president Dilma Rousseff second consecutive mandate in Brasilia. The two leaders received an official invitation from the Rousseff administration according to Uruguay's official media.
Analysts agree fiscal austerity and economic growth will be among the new government's priorities.
Other members of cabinet announced for Dilma's next term due to start on January 1.