Finance Minister Haddad highlighted addressing inequality and climate change as the primary challenges to be collectively tackled by the countries comprising the G20.
The Central Bank's Monetary Policy Committee (Copom) reduced the Selic rate—Brazil’s benchmark interest rate—by 0.5 percentage points, to 11.75 percent a year.
Minister Haddad celebrated a spread of around 180 points, emphasizing that the international market views Brazil on par with Mexico in terms of investment grade.
Due to a scarcity of U.S. dollars, Argentina has been facing challenges in buying Brazilian-manufactured goods, particularly in the automotive parts sector.
The minister emphasized that developing nations have a unique opportunity in the current era of globalization to attract industries that create skilled jobs.
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