“The two national companies (Pemex and Petrobras) seem to me to have an opportunity to explore possible alliances on different projects, (such as) technology exchanges (and) the development of shared projects,” Peña Nieto said.

Mexico and Brazil signed an agreement creating “a working group of businessmen from both countries to explore available alternatives for greater exchanges among different sectors,” the Mexican president said.

Rousseff agreed to visit Mexico soon for a bilateral meeting, while Peña Nieto plans to visit Brazil.

Mexico also plans to review the free trade agreement with the European Union that took effect in 2000 in an effort to update it, Peña Nieto said.