G7: USA highlights common goals with Brazil on climate – 05/11/2023 – Market

US Treasury Secretary Janet Yellen highlighted the fight against climate change and other goals shared between the US and Brazil, in a meeting with Finance Minister Fernando Haddad in Japan this Thursday (11).

Japan, which presides over the G7, the group of seven advanced economies this year, invited Brazil to participate in this week’s meeting between finance ministers and central bankers of the group, along with India, Indonesia and the African Union. Brazil will lead the G20, a group of 20 main economies next year.

Yellen welcomed Brazil’s participation, saying that the US and Brazil, the largest democracies in the Americas, are united in defending their democratic values ​​at home and abroad.

“We must all partner to address the global challenges we face today, and Brazil’s role in these global efforts will be critical in its G20 presidency next year,” she told Haddad, in remarks prepared to be delivered at the start of the meeting in the Japanese city of Niigata, where the G7 meeting takes place.

The two countries also share goals on climate change, building high-quality infrastructure, mobilizing private capital for development and fighting poverty, she said.

“At a time of heightened uncertainty and risk, we must work together to show developing countries that the G20 can deliver practical, actionable solutions,” said Yellen.

The meeting comes weeks after US President Joe Biden’s administration said it would contribute $500 million (R$2.4 billion) to the Amazon Fund, although there have been tensions between the two countries over arms shipments. westerners to Ukraine.

President Luiz Inácio Lula da Silva angered some in the West by saying that Washington was encouraging war between Ukraine and Russia. He later toned down his comments and condemned Russia for violating Ukraine’s territorial integrity.

Yellen did not address Brazil’s position on the invasion of Russia in her prepared remarks. She spoke of a strong effort by the United States and its allies to pursue any evasion of sanctions by Russia and highlighted efforts to build more resilient supply chains together with low- and middle-income countries.

“As friends and important trading partners, we seek to deepen our economic relationship,” she said, praising what she called “Brazil’s significant progress in modernizing its financial system.”

The US Treasury is also working with Brazilian authorities to help them expand public-private partnerships and long-term financing through capital markets, she said.