In November 2012, Brazilian PresidentDilma Rousseff met with President of SpainMariano Rajoy. President Rajoy said: "Brazil is a modern-day world power and Spain is more committed to Brazil than ever". He also said, "Brazil is the leading destination for Spanish investment in Latin America and the second anywhere in the world. With almost 55 billion euros of accumulated investment, Brazil accounts for almost half of our investment in Latin America."
In June 2011, Brazilian Foreign Minister Antonio Patriota and his Spanish counterpart Trinidad Jimenez signed a memorandum of understanding for triangular cooperation in third country, especially in Latin America and Africa.