Lula and Xi sign dozens of trade deals as Brazil-China ties deepen | International Trade News
The presidents of China and Brazil hailed a ‘new phase’ in relations between the two countries, which are major trading partners.
Chinese President Xi Jinping and his Brazilian counterpart Luiz Inacio Lula da Silva signed a number of trade and development agreements, as the two held talks in the Brazilian capital aimed at deepening relations between the two countries.
The leaders on Wednesday showed their growing bilateral relations by signing nearly 40 agreements on trade, technology and environmental protection.
“This is another historic moment in the development of China-Brazil relations,” Xi said, adding that China is ready to make the countries “golden partners”.
For his part, Lula said he is “confident” that the cooperation will “surpass all expectations and pave the way for a new phase of bilateral relations”.
Xi’s visit to Brasilia comes after his attendance earlier this week at the Group of 20 (G20) summit in Rio de Janeiro and at the Asia-Pacific Economic Cooperation (APEC) summit last week in Lima, Peru.
Recebendo or the president of China, Xi Jinping, there is no Palácio da Alvorada. 🇧🇷🇨🇳
📸 @ricardostuckert pic.twitter.com/R2xwDl8s9j
— Lula (@LulaOfficial) November 20, 2024
The Chinese leader featured prominently in both meetings, unlike outgoing United States President Joe Biden, who is in the final weeks of his term in office before the January inauguration of incoming President Donald Trump.
China has become an important trade partner and investor in Latin America in recent years, while many observers expect the US government under Trump to erect more trade and immigration barriers that will affect the region.
A group photo on the first day of the G20 summit highlighted the moment, with Xi front and center alongside the presidents of Brazil, India and South Africa – China’s allies in the BRICS group of major developing countries.
Biden missed the photo shoot due to “scheduling reasons,” the White House said.
Lula, who took power in early 2023 after the tumultuous administration of his far-right predecessor Jair Bolsonaro, has sought to reset Brazil’s relations with its foreign allies.
Experts said the Brazilian leader is also trying to “carve out … a different role” for Brazil in global politics by maintaining ties with Washington while also building ties with US rivals, including China and Russia.
On Wednesday, Lula welcomed Xi with full respect, greeting him on the red carpet as mounted guards passed by, a brass military band played the national anthems of the two countries, and rows of children waved Chinese and Brazilian flags.
China is Brazil’s largest trading partner overall, with two-way trade exceeding $160bn last year.
The South American country mainly exports soybeans and other commodities to China, which in turn sells Brazilian semiconductors, telephones, cars and medicines.
