U.S. Secretary of State Hillary Clinton emphasized deepening business ties and promoting innovation in a speech to Brazil’s National Confederation of Industry (CNI) on Monday. Clinton had traveled to the capital city of Brasilia for a two-day visit following her participation over the weekend in the Summit of the Americas meeting in Cartagena, Colombia.

In her remarks before the CNI, Clinton noted that last year trade between the U.S. and Brazil reached $75 billion, and that Brazilian investment in the U.S. now stands at $15.5 billion. She also praised Brazil for undergoing inclusive economic growth in recent years, saying the country “has ascended to the world stage as an emerging economic dynamo, lifting millions of Brazilians into the middle class while maintaining and improving democratic institutions.”

However, she said the U.S. and Brazil could do much more. “I believe that the opportunities and potential for greater investment, trade, growth and jobs is only now being tapped,” she said. Specifically, Clinton pointed to private-sector innovation as a key element of the bilateral relationship between the U.S. and Brazil, yet she also emphasized a role for government, which she said “can work closely with business leaders to create the conditions [for innovation to] take hold.” In particular, the secretary mentioned a double taxation treaty, a bilateral investment treaty and a future free-trade agreement.

Beyond the CNI speech, the secretary met yesterday morning with the new head of Petrobras, Maria das Gracas Foster and led the U.S. delegation for the third U.S.-Brazil Global Partnership Dialogue. The Global Partnership Dialogue builds upon previously-reached agreements in the areas of development and education cooperation and global political and economic issues.

Today, she and President Dilma Rousseff speak at the First Annual High-Level Meeting of the Open Government Partnership (OGP). The OGP, launched eight months ago by President Rousseff and President Barack Obama, includes 42 countries that have pledged to prevent corruption, promote transparency and devise ways to harness technology to empower citizens.

This isn’t another confirm Tom Shannon as Ambassador to Brazil or confirm Arturo Valenzuela as Assistant Secretary of State for Western Hemisphere Affairs essay—though I support both of those positions, and understand that things may be moving. This is an expression of wonder at the inability of the U.S. government to walk and chew gum at the same time when it comes to Latin America policy. 

Let me be clear.  I’m not one of those persistent whiners who always complain about the lack of attention paid to Latin America.  The last administration of George W. Bush paid plenty of attention to the region, traveling there more frequently and receiving more Latin American heads of state in the White House than any past president, and launching a series of serious initiatives for the region: the free trade agreements with Peru, Panama and Colombia, the Merida Initiative with Mexico, and a series of genuinely exciting efforts with Brazil, Uruguay and Chile—starting with, but not limited to, trade.  

Sad thing is, despite a time during the campaign when it seemed that all a potential President Obama needed to do was show up to be more effective, his administration is at real risk of losing the gains of the last eight years. 

I never thought I’d say that.