BRASILIA - Brazil and Canada said on Monday they will work together to resume the free trade agreement (FTA) negotiations between the Southern Common Market (Mercosur) and Canada, with a meeting of chief negotiators expected to be held in early October.

"As a timely step towards greater economic diversification, we have ordered our senior trade officials to begin talks, including a meeting of chief negotiators in early October, with a view to resuming negotiations on the free trade agreement between Mercosur and Canada, together with our partners Argentina, Paraguay and Uruguay," said a joint statement issued after Brazilian Foreign Minister Mauro Vieira met with visiting Canadian Minister of International Trade Maninder Sidhu.

"Canada and Brazil share a long-standing commitment to open, fair and sustainable trade, working together to promote prosperity bilaterally, regionally and within the global trading system," said the statement.

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The two countries agreed to intensify bilateral trade and investment flows as part of their market diversification and expansion strategies, according to the statement.

Both countries also reaffirmed their "support for a rules-based multilateral trading system, with the World Trade Organization (WTO) as its central pillar, and the need to defend open and predictable global trading rules, which have contributed to the growth and prosperity of our countries."

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Mercosur is a South American trade bloc established in 1991 with Argentina, Brazil, Paraguay and Uruguay as its founding members. Brazil holds the rotating presidency of the bloc currently.