Sheinbaum and Lula agree to meet soon and revive Pemex-Petrobras cooperation

President Claudia Sheinbaum and Brazilian President Luiz Inácio Lula da Silva agreed on October 26, 2026 to meet soon, in a phone call in which the Mexican leader proposed reviving cooperation between Pemex and Petrobras, according to Aristegui Noticias. Agencia EFE reported that both leaders agreed to maintain coordination on trade, energy and sovereignty.

The call took place one day after Lula won Brazil's Sunday runoff election. Sheinbaum confirmed the conversation on her social media with a brief message, and Lula responded on his own that both countries will continue together to defend their sovereignties and strengthen ties of friendship and cooperation. Since March 2026, both governments had left open the possibility of a Sheinbaum visit to Brazil, in a conversation focused on deepening economic ties between the two largest economies in Latin America.

For Mexico, the energy agenda with Brazil has a concrete precedent. In June 2026, Pemex and Petrobras signed a memorandum of understanding valid for two years to explore cooperation in exploration, production, refining, petrochemicals, fertilizers and carbon capture. The document envisions an exchange of technical knowledge and does not imply automatic investments or guarantee that the projects under evaluation will materialize, according to Uno TV.

Bilateral trade runs with a surplus in Brazil's favor. Mexico records a trade deficit of 3,066 million dollars with Brazil in 2026, with exports of 2,554 million and purchases of 5,620 million, according to the Data México platform of the Ministry of Economy. Brazilian foreign direct investment in Mexico reached 417 million dollars in 2024, and totals 7,664 million since 1999.

In the automotive sphere, both countries are part of ACE-55, the agreement that governs trade in vehicles and auto parts, and in September 2025 they committed to reviewing and updating it. In agri-food, Brazilian exports to the Mexican market stood at around 3,100 million dollars in 2025, according to Brazil's Ministry of Agriculture and Livestock.

Neither office has announced a date or venue for the meeting. The next point to watch will be the schedule for the ACE-55 review and progress on the Pemex-Petrobras memorandum, which expires in June 2028.

This article was written with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.