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Xi discusses BRICS, trade with Brazil VP
November 8, 2013, 6:05 am

Temer, along with a high-level delegation that includes the agriculture Minister and the Central Bank Governor, was in China to attend the 3rd China-Brazil government cooperation summit [Xinhua]

Temer, along with a high-level delegation that includes the agriculture Minister and the Central Bank Governor, was in China to attend the third China-Brazil government cooperation summit [Xinhua]

Chinese President Xi Jinping has met Brazilian Vice President Michel Temer in Beijing to discuss BRICS, trade and investment ties on Thursday.

Ahead of the sixth BRICS Summit to be held in March 2014 in Fortaleza, Xi expressed support for Brazil’s preparations to host the leaders from the five countries.

“Brazil will strengthen communication and cooperation with China within the framework of BRICS, promote global governance”, Temer told Xi.

Temer, along with a high-level delegation that includes the agriculture Minister and the Central Bank Governor, was in China to attend the third China-Brazil government cooperation summit.

During Thursday’s meet, Xi highlighted the “common interests of developing countries” that boost Chinese ties with Latin America’s biggest economy.

Xi told Temer that “China will work with Brazil to maintain close communication between state leaders, increase cooperation in global affairs”.

In a boost to bilateral trade, China has agreed to allow imports of Brazilian corn, an announcement made during Temer’s visit said.

“The agreement signed today enables Brazilian corn to be imported by China,” tweeted Gleisi Hoffmann, chief of staff for Brazilian President Dilma Rousseff.

China and Brazil signed a $30 billion currency swap deal in March this year, which they say will safeguard against any future global financial crisis

Brazil is China’s largest trading partner in South America, while China is Brazil’s largest trading partner and largest export and import market.

China has also started to play a bigger investment role in Brazil’s oil sector.

Last month, two Chinese energy firms have won a 35-year production sharing contract to develop a pre-salt oil discovery in Brazil’s Libra oil field.

In 2010, China’s oil giant Sinopec helped Petroleo Brasileiro SA, Brazil’s state-run energy giant, build a 1,450-limometer natural-gas pipeline. In 2009, Petrobras secured a $10 billion loan from the China Development Bank, to be repaid with oil, to finance development of the offshore beds.

Next year marks the 40th anniversary of the establishment of diplomatic relations between China and Brazil.

Source: Agencies