/ world today news/ At the invitation of Chinese President Xi Jinping, Brazilian President Luiz Inácio Lula da Silva will pay a state visit to China later this month, the Foreign Ministry in Beijing announced on Friday. Economic cooperation will be a key topic during the visit, experts say, noting that enhanced cooperation between the two countries will help boost the international community’s confidence in economic recovery after the COVID-19 pandemic.
Lula’s visit to China from March 26 to 31 comes at a key time after the end of the novel coronavirus pandemic, amid the military conflict in Ukraine and other serious geopolitical and economic challenges, and economic cooperation will therefore be one of the key topics. , which the leaders of the two countries will discuss, said Pan Deng, head of the Center for Latin America and the Caribbean at the China University of Political Science and Law. “Reciprocal communications and stimulating the economy are of great importance in reshaping and increasing confidence in the international economic order as a whole in the post-pandemic era,” he notes.
Luiz Inácio Lula da Silva was sworn in as Brazil’s president for the third time in January. Experts predicted that under the leadership of the veteran and prominent left-wing politician, who is also an old friend of China, economic and trade cooperation between the two countries would be further deepened and help ease Brazil’s predicament of high inflation and low growth.
Mutual trust between China and Brazil in terms of bilateral cooperation within the BRICS group, as well as trade and economic ties, environmental protection, green economy and other areas are expected to be brought to a higher level, observers believe.
Brazil is a responsible big country and a rising power that shares common aspirations, a similar phase of development and a complementary economic structure with China, Pan Deng said. “Lula’s triumphant return to the presidency will put Sino-Brazilian relations back on track, which suffered somewhat under his predecessor Jair Bolsonaro. It can be expected that they will step up, overcome the obstacles and set out on a better path,” Pan noted.
“As supporters of multilateralism, better and deeper bilateral relations between China and Brazil will certainly contribute to peace and justice in the existing international order. Trade between China and Brazil is particularly complementary, with Brazil having an advantage in agricultural production and China having products that meet Brazil’s need to improve people’s well-being. China and Brazil are of the same opinion on the great benefits of technology for national development, so there will be a lot of cooperation between the two countries in this field, including applications of the Internet, in civil aviation and new energies,” says Pan Deng, adding, that “the joint action of China and Brazil in technological cooperation will benefit the development of science and technology and people around the world, and will see the contribution of developing countries in this regard.”
In 2022 the volume of bilateral trade between China and Brazil reached about $171.5 billion, an annual increase of 4.9 percent, according to Chinese customs. Brazil’s main imports include iron sand and soybeans, while China’s exports are mainly machinery, computer and communications equipment, and vehicles.
Also in February, the People’s Bank of China (PBOC) announced that it had signed a memorandum of understanding with the Central Bank of Brazil to establish yuan clearing arrangements. They will help Chinese and Brazilian firms and financial institutions with cross-border transactions using the yuan, further facilitating bilateral trade and investment, the announcement on the CNB website said.
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