BRIC Summit Deal Gets Brazil-China Trade Relations Back on Track

Brazil and China have had their differences, but the two emerging market leaders are putting those qualms aside for the betterment of both their growth. The latest China-Brazil trade deal, which was announced Tuesday and is worth up to $1.5 billion, is the latest proof of that. In fact, as the two countries entered into their third annual BRICsummit with their Indian and Russian counterparts, Brazil made it clear that it sees China as a model for its own industrial development. Brazil and China have entered into an increasing number of trade agreements as the Red Dragon has sought to shore up supplies of raw materials to fuel its growth. Brazil, among other things, is the world's largest producer of iron ore and often a counterpoint in negotiations between China and Australian miners.