Sao Paulo [Brazil], March 17 (ANI): Brazilian President Luiz Inacio Lula da Silva on Monday underscored the importance of deeper regional integration for South America's economic and political future, during a joint press interaction in Brasilia with Bolivian President Rodrigo Paz.

Welcoming the visiting delegation, Lula highlighted the symbolic significance of Brazil being chosen for Paz's first bilateral visit since assuming office. He also recalled longstanding ties between the two nations, noting their shared 3,400-kilometre border that connects key ecological and economic regions, including the Amazon, Pantanal and the Andes, as reported by Brasil 247.

Despite strong historical relations, Lula acknowledged that bilateral trade has declined from 5.5 billion dollars in 2013 to 2.6 billion dollars last year. He stressed ongoing efforts to reverse this trend, citing business engagement initiatives, including participation in trade forums and exhibitions such as Expocruz.

The Brazilian President outlined opportunities across sectors like agriculture, biotechnology and manufacturing, with support from Embrapa. He also pointed to enhanced export financing through Brazil's new credit system backed by BNDES.

On infrastructure, Lula announced progress on a second cross-border bridge project over the Mamore River, aimed at boosting connectivity and facilitating access to Pacific ports via Chile and Peru. Energy cooperation also featured prominently, with discussions on expanding natural gas exports and strengthening the Brazil-Bolivia Gas Pipeline.

Both sides advanced agreements on electricity interconnection and renewable energy collaboration while also committing to joint efforts in tackling cross-border crimes.

Lula further highlighted growing educational and cultural ties, alongside a new tourism cooperation framework encouraging exchanges between destinations such as Rio de Janeiro and Lake Titicaca.

Calling Bolivia's entry into Mercosur a 'historic step,' Lula reaffirmed that regional unity is essential in an increasingly competitive global landscape. (ANI)