Brazilian President Luiz Inacio Lula da Silva has visited neighboring Argentina in a bid to promote economic integration by establishing a common currency.
Lula met Argentine President Alberto Fernandez on Monday in Buenos Aires on his first international trip since taking office.
Following their discussions, Lula vowed to rebuild a peaceful and constructive bilateral relationship.
Fernandez emphasized that cooperation between the two countries is imperative for stronger ties among Latin American nations.
Lula also said the two countries are in talks to establish a common currency for bilateral trade.
British media have reported the new currency may be called "sur," which means "south" in English.
But some in Brazil oppose the proposal to create a common currency with Argentina, which had repeatedly defaulted on its debt.
In addition, Lula and Fernandez agreed to help ensure a stable global food supply. Brazil and Argentina are among the world's largest exporters of farm products.
Lula has made it a goal to strengthen the solidarity of Latin American nations. Toward this end, he has expressed his intention to hold talks with the leftist authoritarian governments of Venezuela and Cuba.