Bilateral trade between China and Brazil exceeded $100 billion in the first eight months of this year, setting a new record for the period, according to Brazilian Ministry of Development, Industry, Trade and Services.

China is ready to work with Brazil to deepen all-round practical cooperation and promote the building of a community with a shared future for mankind, said Li Xi, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, when meeting with Brazilian President Luiz Inacio Lula da Silva.

Li was on an official friendly visit to Brazil from September 18 to 22.

Fruitful cooperation

After a voyage of more than a month from Santos Port, Brazil, a cargo ship loaded with 68,000 tonnes of Brazilian corn arrived on January 7 at a port in south China’s Guangdong Province, marking the first batch of Brazilian corn imported in bulk ship into China.

China is now a leading destination of Brazilian corn exports. In August alone, Brazil exported a record 2.3 million tonnes of the produce to China, lifting the yearly total to 4.6 million tonnes.

Apart from Brazilian corns, Brazilian agricultural products like soybeans and beef are also popular among Chinese consumers. In 2022, the trade volume between the two countries stood at $171.35 billion, with China importing 54.4 million tonnes of soybeans and 1.11 million tonnes of frozen beef from Brazil, which took up 59.72 percent and 41 percent of their total import amount, respectively, according to the data from China’s General Administration of Customs.

China has been Brazil’s biggest trade partner for 14 consecutive years while the two sides are still exploring more fields for cooperation, like sci-tech innovation. At last year’s China International Import Expo, Brazil set up an exhibition zone for sci-tech innovation with 19 Brazilian enterprises in new energy vehicles, smart agriculture and carbon emission reduction.

Meanwhile, investment from China in infrastructure and projects for the public good benefited Brazilians. For instance, the State Grid Corporation of China, a leading state-owned utility company, has invested in the Belo Monte power transmission projects, including two 800-kilowatt ultra-high-voltage lines transmitting energy from the Belo Monte hydroelectric plant in Para state to big cities like Rio de Janeiro and Sao Paulo.

Earlier this year, the two sides also reached a deal enabling China and Brazil to conduct their massive trade and financial transactions directly, exchanging renminbi for reais and vice versa instead of going through the U.S. dollar, which is expected to further boost bilateral trade and investment.

Brazil and China are good friends and partners, embracing fruitful bilateral cooperation, the Brazilian president told Li during the meeting.

The senior Chinese official called on the two countries to build on their past achievements and forge ahead with deeper political mutual trust as well as continuous mutual support on issues concerning each other’s core interests and major concerns.

Safeguarding multilateralism

As the largest developing countries in the Eastern and Western hemispheres, respectively, China and Brazil have also jointly played an important role in today’s turbulent world.

According to a joint statement released in April during Lula’s visit to China, the two countries applauded their dialogue and coordination in international organizations and multilateral mechanisms, saying that they will continue to strengthen exchanges in multilateral organizations such as the United Nations, the World Trade Organization, the International Monetary Fund and the World Bank, as well as multilateral mechanisms such as the G20, BRICS and BASIC countries.

The current world is full of volatility, so it’s important for the two countries to promote the common values of peace, development, fairness, justice, democracy and freedom of all mankind, read the joint statement.

During their meeting, Li reiterated China’s willingness to cement coordination with Brazil within such multilateral mechanisms as BRICS and the G20.

Lula also vowed to strengthen cooperation with China within multilateral mechanisms, so as to jointly address such global challenges as poverty, inequality, climate change, as well as conflicts and confrontation, and to promote world peace, development and prosperity.

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