FROM THE OFFICE OF PUBLIC AFFAIRS

Secretary John Snow and Minister Antônio Palocci share a commitment to accelerate economic growth in both countries to create jobs, raise living standards, and fight poverty.   Higher growth in each economy will provide important benefits not only for the US and Brazil but for the rest of the Hemisphere as well.   The two agree on the benefits of in-depth discussions on pro-growth strategies to share experience and best practices in addressing challenges common to their large economies with complex federal systems. 

In this context, Secretary Snow and Minister Palocci will launch a Group for Growth designed to examine policy topics key for raising productivity growth.  They have agreed on an initial set of topics for consultations:  fiscal policy and tax reform, reducing impediments to the creation and expansion of small and medium-sized companies, increasing investment and business credit, promoting trade, developing infrastructure, strengthening domestic competition.  Both may also invite representatives of the private sector and society at large to share views on key impediments and needed reforms to spur growth.

John Taylor, Under Secretary for International Affairs at the U.S. Treasury, will chair the inter-agency delegation to meetings of the Group for Growth for the U.S. side.  Joaquim V. Levy, Secretary of the National Treasury, and Marcos Lisboa, Secretary for Economic Policy, both at the Brazilian Ministry of Finance, will co-chair the inter-agency delegation for the Brazilian side.  The first meeting of the Group for Growth is expected in the early fall of this year.