China, Brazil sign $27 billion trade agreements

Premier Li Keqiang addresses the closing ceremony of a bilateral business summit in Brasilia, Brazil on May 19, 2015. [Photo/Xinhua]

Visiting Chinese Premier Li Keqiang said Tuesday that China and Brazil have signed trade agreements worth of $27 billion.

Li made the remarks at a joint press conference with Brazilian President Dilma Rousseff after they held talks and attended a video ground-breaking ceremony for the ultra-high voltage electricity transmission project in the Belo Monte hydroelectric dam.

Li said both China and Brazil agreed to increase cooperation in industrial capacity. After many years' development, China accumulated rich experience in infrastructure construction and obtained competitive industrial capacity. The bilateral cooperation in industrial capacity would help Brazil speed up its infrastructure construction, reduce cost, create jobs and achieve mutual benefit and win-win results.

China is willing to set up a joint fund for industrial capacity cooperation to finance bilateral projects in the field, Li said.

He said the two sides agreed to expand bilateral trade and optimize trade structure, strengthen financial cooperation and push forward local currency settlement of cross-border trade.

Li said China supports a bigger role of Brazil in international affairs.

In the context of the weak recovery of world economy and the downturn pressure, Li said, the strengthening of cooperation between China and Brazil, two major emerging economies in the world, will help build confidence for all emerging economies and contribute to the global economic recovery.

Rousseff said Brazil and China built up their strategic cooperation on a basis of equality and mutual trust. The two countries also have practical needs and strong willingness for strengthening their mutually beneficial cooperation.

The Brazilian side is willing to cooperate with China in energy, resources, metallurgy, aviation and aerospace and agriculture, with an emphasis on infrastructure and industrial capacity, she said.

The two countries will increase two-way trade and investment, strengthen financial cooperation, enhance close consultation and cooperation within multilateral frameworks, and play bigger roles in international and regional affairs, she said.

Brazil is the first stop of Li's four-nation Latin America tour, his first to the region since he assumed premiership in 2013. Besides Brazil, Li will also visit Colombia, Peru and Chile till May 26.