Brazilian and Mexican officials announced on Monday their intention to review and enhance existing trade agreements, aiming to fortify the economic relationship between the two largest economies in Latin America.

Brazilian President Luiz Inacio Lula da Silva is currently in Mexico for an official visit, which includes attending the inauguration ceremony of Claudia Sheinbaum as Mexico's president on Tuesday.

The trade agreement between Mexico and Brazil, established in the early 2000s, provides for the exemption or reduction of import tariffs on approximately 800 product categories.

Marcelo Ebrard, Mexico's incoming economy minister, remarked on the sidelines of an event on Monday that the growth of their bilateral relationship has already surpassed the scope of the current agreement. "We need to update it," he emphasized.

Earlier in the day, Lula expressed the urgency of revising the trade agreements, which also encompass regulations on the trade of vehicles and auto parts. "I want our industries to grow, our agricultures to grow, and I want Brazil and Mexico to invest in developing artificial intelligence that could yield economic benefits for us," he stated in his address, though he did not elaborate further.

Additionally, during the event, Lula proposed that the trade agreement currently under negotiation between the European Union and South America's Mercosur bloc could potentially be expanded to include other Latin American countries in the future.