The Canadian government is working to strengthen relationships with emerging economies that are key to pulling the global economy out of recession, federal Finance Minister Jim Flaherty said on Thursday.

Flaherty spoke to reporters via teleconference from Brasilia, Brazil. He has been involved in meetings with finance ministers, bankers and economists in Brazil, Argentina and Chile in the past week.

“This type of outreach with emerging economies is critical,” Flaherty said. “Recovery from the global recession will depend, in large part, on the success of emerging economies, in particular, the BRIC countries.”

Since the economic outlook for the U.S. — Canada’s largest trade partner — remains bleak, Flaherty said the government hopes to strengthen relationships with other trading partners.

“We want to grow our relationships in the Americas,” he said. “We want to expand our trade opportunities.”

Flaherty noted that meetings with leaders in Brazil and Argentina have focused on issues involving the G20 in advance of the next meeting, set to take place in late September.

“As we approach the next meeting of G20 leaders in Pittsburgh later this summer, it is critical that we continue to establish common ground with them, and others, on dealing with the global recession,” Flaherty said. “This includes discussions about keeping our economies open to investment across borders and refrain from the types of protectionist measures that would cause the recession to deepen.”

The upcoming G20 meeting will also focus on continuing efforts to strengthen the state of the global banking system, which is crucial in order for a recovery of the real economy, Flaherty said.

“We all remain concerned with the necessity of fixing the banks, making sure the world’s financial systems are functioning well.”

Discussions with leaders in Brazil and Argentina have reinforced Flaherty’s view that a recovery of the global economy is likely to begin setting in late this year and early next year, he said. But he warned that the unemployment rate in Canada would likely continue to rise in the months to come as the recession takes its toll.

“I do expect over the next several months that we’ll have continuing increases in unemployment,” he said.