Lula reiterated developing countries insistence that only a greater opening and access to the US and European Union markets for farm produce will save the World Trade Organization Doha Round talks on global trade.
"Brazil hasn't given up the Doha Round," said Mantega who revealed that in the last week the Brazilian President had talked with German Chancellor Angela Merkel and British Prime Minister Gordon Brown in an attempt to unlock the Doha round global trade talks.
Mantega said Treasury Secretary Paulson agreed that the Doha Round can still be rescued from definitive failure, but insisted that developing countries should be more flexible regarding industrial goods and services.
However Paulson admitted that the US is intent in elevating the authorized farm subsidies cap to US$ 17 billion and that the less developed countries would like to see the limit at US$ 12 billion.
"But it's a sensitive issue for the US because US farmers have a strong political representation," added Mantega.
Other issues, which President Lula da Silva addressed and complained about included US duties on Brazilian sugar cane ethanol imports and the current system of representation and nomination in the World Bank and International Monetary Fund.
"Brazil is convinced that emerging economies, some of them larger than those from long established developed countries, must have a greater say as well as more influence in the nomination of World Bank and IMF top officials," said Mantega.
Mercopress