The EU has accused Brazil of protectionism in the past.
But leaders tried to put those differences to one side at a joint trade summit in Brasilia.
European Commission president Jose Manuel Barroso and European Council president Herman Van Rompuy both attended the event.
Brazilian President Dilma Rousseff said her country’s ties with Brussels were key to economic growth.
“What is very relevant is the fact that in Brazil there are a great number of European companies that help to sustain growth in our country and that create jobs,” she said.
Brazil has hiked import tariffs on a number of products, including cars and pharmaceuticals.
It argues cheap money created by foreign central banks has flowed into the country, pushing up the real and crippling its exports.
The latest data which is available shows Brazil sells 20 percent of its exports to the European Union.
The EU, in turn, wants to boost the volume of goods sold to Brazil as a means of creating jobs and growth in Europe.
The IMF predicts the country’s economy will grow by 3.5 percent this year and four percent next year.
The European Commission has been negotiating a free trade deal with the Mercosur trading bloc, of which Brazil is a member, for the past twelve years.
Copyright © 2014 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Iraq: Baghdad rally held against US ‘occupiers’ | euronews, world news
- 3Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 4Ukraine: Donetsk rebel weapons factory blows up | euronews, world news
- 5Vatican rocked by another paedophilia scandal | euronews, world news
- 6Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 7British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 8Algeria: ISIL offshoot releases video threatening French hostage Hervé Gourdel | euronews, world news
- 9Sweden becomes first European nation to recognise Palestine | euronews, world news
- 10Thousands ‘evade’ Ebola lockdown in Sierra Leone | euronews, world news
- 11How nasheeds became the soundtrack of jihad | euronews, world news
- 12Emma Watson threatened with naked photos leak after UN equality speech | euronews, world news
- 13Iceland volcano ‘pollutes Paris’ | euronews, world news
- 14Learning through “serious games” | euronews, learning world
- 15euronews speaks to Ban Ki-moon ahead of key UN and climate change talks | euronews, the global conversation
- 16European Union News | euronews: latest breaking news and headlines about European Union
- 17Ebola: Six new suspected cases in Spain | euronews, world news
- 18International tv news | euronews: European and International tv news bulletin
- 19All you need to know about the Ebola virus | euronews, world news
- 20Global warming to ‘cause 250,000 extra deaths a year’ | euronews, world news