China, Brazil vow to further enhance economic, trade ties

China and Brazil are pushing to expand economic and trade cooperation across multiple fields, according to a joint statement released by the Chinese and Brazilian government on Friday amid Brazilian President Luiz Inacio Lula da Silva's state visit to China.

The two countries will be stepping up collaboration in areas involving agriculture, infrastructure development, aviation and finance, as well as in emerging areas such as e-commerce, digital economy and renewable energies, according to the document.

Strengthening ties in traditional areas of cooperation

Agricultural cooperation has played a prominent role in the bilateral economic and trade ties between China and Brazil.

The two countries vowed to promote the development of safe and smooth trade in food and agricultural products, by increasing dialogues on sanitary and phytosanitary issues and food safety, said the statement.

Both countries have also pledged to strengthen cooperation in agricultural science and technology, innovation and research and development.

Infrastructure development has been another key area of collaboration between China and Brazil over the years. 

The two parties expressed their mutual desires to further deepen investment and cooperation in transport infrastructure, with a particular focus on port construction and operations.

China and Brazil have also agreed to reinforce dialogue in this area within the framework of the China-Brazil High-level Coordination and Cooperation Committee (COSBAN), as well as to conduct broad industrial cooperation in the sector. 

Both countries welcomed the partnership between Embraer, a Brazilian aerospace manufacturer, and Chinese airlines.

Expanding cooperation to emerging sectors

Meanwhile, the growth of bilateral economic ties between China and Brazil are going beyond the traditional areas of cooperation in agriculture, animal husbandry and infrastructure development.

Recognizing the vast potential of e-commerce in bolstering bilateral trade, the two countries agreed to carry out "practical cooperation" for cooperation in the e-commerce sector and to continuously strengthen policy communication in the area. 

The two nations also created a partnership in the development of the digital economy with the signing of a memorandum of understanding on strengthening cooperation.

More engagement between the public and private sectors of the two countries in the area of information and communication technology can also be expected, as the two countries pledged to establish mechanisms that will facilitate the creation of joint ventures and technological partnerships between Brazilian and Chinese companies.

Focusing on the green agenda

China and Brazil are also expected to work closer together on clean energy and the low-carbon economy. 

The two countries will be enhancing cooperation in renewable energies, energy transition and energy efficiency, with an emphasis on bio-energy, hydrogen and sustainable aviation fuels.

Notably, China's Finance Ministry and its Brazilian counterpart have also inked a memorandum of understanding agreeing to deepen dialogue in the financial sector, strengthen local currency settlement, and promote cooperation in sustainable financing.

China-Brazil cooperation has come a long way under the framework of the New Development Bank and the Asian Infrastructure Investment Bank, both sides have noted, the statement said, and both have agreed to jointly promote these institutions for the common development of both countries and the world at large.

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