|Althea Serad |||May 20, 2015 04:13 AM EDT|
(Photo : Reuters) Chinese Premier Li Keqiang greets Brazil's President Dilma Rousseff during a meeting at the Planalto Palace in Brasilia, May 19, 2015.
Chinese Premier Li Keqiang said Tuesday that China had signed trade agreements worth US$27 billion with Brazil during his visit to the country.
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Beijing is currently looking to invest $50 billion in Brazil, which is also considered South America's largest economy, reported The Guardian.
Li announced the agreement during a joint press conference with Brazil's President, Dilma Rousseff. Before the announcement was made, the two went to the Belo Monte hydroelectric dam for a video of the ground-breaking ceremony of a project involving ultra-high0voltage electricity transmission.
Both China and Brazil have agreed to support each other more when it comes to industrial capacity; thus, Brazil would be assisted in speeding up the construction of their infrastructure to reduce costs as well as create jobs, achieving win-win results.
Bilateral support in industrial capacity include expanding bilateral trade, improving trade structure, reinforcing financial cooperation, and pushing for local currency payment of cross-border trade, Li said.
Li is going on a Latin America tour, which includes four nations, and Brazil is his first stop. It is also his first visit to the region since gaining premiership in 2013. Li's other stops will include Colombia, Peru, and Chile. He is set to tour these countries until May 26, according to Xinhua.
Days before China signed the US$27 billion deal with Brazil, Beijing has reportedly signed $25bn and $22bn worth of deals with other BRIC developing nations. The Brazil agreement, however, is worth more than the others combined.
In 2009, China was Brazil's number one trading partner. However, it is only ranked 12th when it comes to actual investment in the South American country. Brazil has since searched for deeper economic ties with the Asian country.
The new US$27 billion deal between the two countries, both major emerging economies in the world, will help all emerging economies build confidence as well as contribute to the global economic recovery, said Li.
As for Brazil, it will be cooperating with China in terms of aviation and aerospace, agriculture, and resources such as metallurgy and energy, while giving emphasis on infrastructure and industrial capacity.
Highlights of the 35 deals between China and Brazil are two finance and cooperation agreements with the value of US$7 billion. This is for the oil firm Petrobras, which is state-owned by Brazil, according to the South China Morning Post.
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