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Let me thank President Cardoso for taking the time to meet with me today to share with me his views on current economic and financial conditions and policy issues. This meeting, as well as my meeting last night with Economy Minister Malan, Central Bank Governor Fraga and Chief of Staff Parente, was cordial and very useful in understanding the challenges at hand and the policies needed to address those challenges.
In both my meetings, I repeated President Bush’s strong support for Brazil. Brazil has the right economic policies in place to maintain stability so that the economy can continue to grow. The United States stands ready to support Brazil as it continues to implement these policies. We support the discussions Brazil’s authorities are now having with the IMF.
As the largest economy in Latin America, Brazil’s success is important to the economic success of the entire hemisphere. Having traveled to Brazil often during my 23 years in the private sector, I have seen this nation’s progress firsthand. Brazil has invested in its people and embraced economic freedom, expanding competition and opening trade, which has improved living standards. In the last 10 years, infant mortality has fallen, literacy has improved, and primary school enrollment has risen from just 80% of children starting primary school in 1990 to 96% starting in 2000. The people here have the ingenuity and the resources to succeed.
President Bush has said many times that the prosperity of all the people of the Americas is inextricably linked. With passage of Trade Promotion Authority by our Congress, President Bush and the Administration now have a crucial tool needed to complete the Free Trade Area of the Americas, increasing the flow of goods and ideas between our citizens and improving economic conditions throughout our hemisphere. The United States and Brazil assume co-chairmanship of the FTAA negotiations beginning in November. We are eager to move forward together, creating growth and opportunities for all our citizens.