China and Brazil steams up trade ties
China and
Brazil decided to strengthen cooperation by signing agreements on Monday to work together in health, commerce, science, agriculture, food safety and sports.
President Hu Jintao of
China said this situation will increase the understanding and trust between the two countries and will also improve the strategic partnership between
China and
Brazil.
China is currently
Brazil's third largest trade partner after US and
Argentina, however Brazilian officials expect
China to take second place this year.
Brazil aims to increase its exports to Asia's fastest growing economy this year in hopes of obtaining growth in country's economy. Last year, trade between
China and
Brazil reached about $8 billion.
China and
Brazil signed about fifteen cooperative agreements in fields like steel, coal and automobile
manufacturing, according to the statement made by official press agency Xinhua.
Among these agreements,
Brazil's state owned oil company Petrobras and
China's Petroleum Chemical or Sinopec also agreed to cooperate in oil exploration,
production, refining and fuel sales. Sinopec is one of the
China's leading oil companies and managed by the government.
Separately, Brazilian mining company
Vale do Rio Doce (CVRD) and Aluminum Corp of
China or Chalco signed a framework agreement to construct a $1 billion alumina plant in northeastern
Brazil.