RIO DE JANEIRO, April 27 (Xinhua) -- Brazilian President Michel Temer discussed a free trade agreement (FTA) with visiting Chilean President Sebastian Pinera in Brasilia on Friday.

Acknowledging the "strong" economic ties between Brazil and Chile, Temer called for creating a favorable environment for business to boost economic growth.

The president said the two countries are working to overcome current regulation barriers so that an FTA can be established.

According to Brazil's Foreign Ministry, Brazil's trade with Chile reached nearly 8.5 billion U.S. dollars in 2017, an increase of about 22 percent year on year.

During the meeting with Pinera, the two countries signed two cooperation agreements, which Temer said will stimulate trade and investment.

Pinera was elected to a second presidential term in March. His first term was between 2010 and 2014.