The BRIC leaders meet June 16 for their first official summit amid optimism about their economies and growing importance on the world stage. Ahead of the meeting, Brazil, China, and Russia announced substantial financing of the International Monetary Fund.

Speaking at the 2009 Latin American Cities Conference in São Paulo, U.S. Ambassador to Brazil Clifford Sobel outlined the advances in the U.S.-Brazil relations in recent years and how the Obama administration envisions future partnerships with its Brazilian counterparts.

In opening remarks at the annual São Paulo Conference, AS/COA's Susan Segal said Brazil has been at the forefront of recovery from the global economic downturn.

AS/COA’s annual São Paulo Conference examined the state of the Brazilian economy, prospects for growth in light of the crisis, energy and climate change initiatives, the U.S.-Brazilian relationship, and corporate governance in Brazil and abroad.

A São Paulo summit brought together heavyweights to talk about Brazil’s ethanol industry as well as related environmental concerns. Meanwhile, Colombia sees its own ethanol presence grow while the United States remains caught up in debate, tariffs, and subsidies.

A Brazilian delegation headed to Beijing this week to sign over a dozen deals, including a $10 billion energy pact. In recent weeks, new trade figures show China surpassed the United States as Brazil's main trading partner. The two countries also began investigating whether to drop the dollar as their bilateral trading currency.

President of Iran Mahmoud Ahmadinejad canceled his trip this week to Brazil, Venezuela, and Ecuador. Still, Tehran's deepening ties raise questions about Iranian relations with Latin America.