Although more people visit New Zealand from Brazil than any other Latin American country, the political and trade links are less well developed, partly because Brazil is not as active in international trade as the other Latin American countries Mr Key has visited. Ms Rousseff said both countries were interested in agriculture, and encouraged more cooperation.
"We acknowledge New Zealand stands as one of the world's major producers of dairy products.''
Fonterra has a joint venture with Nestle in Brazil.
She said New Zealand and Brazil shared many values, including a strong stance on nuclear weapons.
Mr Key and Ms Rousseff also discussed the FIFA World Cup, which Brazil will host in 2014. Mr Key said he had told Ms Rousseff that he knew something of the stresses of hosting an international event in which the home team was a strong contender after hosting the Rugby World Cup in New Zealand last year.
Ms Rousseff was speaking in Portuguese and her comments were simultaneously translated for the media.
Although there were no major announcements, the pair did sign off on an international education agreement
The two also signed an air services agreement which Mr Key said would make it easier for New Zealand airlines to travel to the country, although direct flights were difficult because of the distance.
New Zealand and Brazil also signed an agreement which could boost the number of Brazilian post-doctoral students at New Zealand universities by several hundred a year.
The 'Science without Borders' Agreement signed by Mr Key and Ms Rousseff would allow Brazil's students to get scholarships to study in New Zealand universities.
Charles Finny, the chair of Education New Zealand, said it had the potential to boost numbers by several hundred a year.
About 3000 Brazilian students already study in New Zealand each year.
The two leaders also agreed on a new air services agreement to encourage airlines to travel to each others' countries in a bid to boost tourism.