China and Brazil have entered a new era of cooperation, substantially strengthening their relationship.
37 new agreements have been signed during a meeting between the countries’ presidents - Xi Jinping and Lula da Silva.
#China #Brazil #G20 #Trade #Economy
37 new agreements have been signed during a meeting between the countries’ presidents - Xi Jinping and Lula da Silva.
#China #Brazil #G20 #Trade #Economy
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NewsTranscript
00:00China and Brazil have entered a new era of cooperation, substantially strengthening their relationship.
00:0637 new agreements have been signed during a meeting between the country's president, Xi Jinping, and Lula da Silva.
00:13Lula said the two countries have deepened their relationship and established synergy between Brazil's industrial plan and China's Belt and Road Initiative.
00:22President Xi, who's on a state visit to Brazil, talked about enhanced financial and technological cooperation.
00:30Well, as a backdrop to this meeting, trade links between China and Brazil have become increasingly close.
00:36Two-way trade volume amounted to around $160 billion in the first 10 months of the year.
00:41That's up by around 10%, and rising faster than China's overall foreign trade growth.
00:47In 2009, China replaced the United States as Brazil's biggest trading partner, and it's kept that position ever since.
00:54China buys oil, iron ore, and soya beans from Brazil, which in turn imports cars, electronic, and textiles from China.
01:02Brazil has emerged as China's fourth-largest destination for capital outflow, just behind the United States, Australia, and the UK.
01:10Between 2007 and 2023, Chinese companies invested $73 billion in Brazil, with the focus shifting from infrastructure to renewable energy and green projects.