China-Brazil relationship

Updated: 2015-05-18 12:32

(China Daily USA)

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China and Brazil established formal diplomatic relations on August 15, 1974.

In 1993, the two countries built a strategic partnership. The relationship was upgraded into a comprehensive strategic partnership in 2012.

Bilateral economic relations have witnessed significant growth for the past 40 years. According to Chinese customs, China-Brazil trade amounted to $86.6 billion last year, with China being Brazil's largest trading partner and Brazil as China's largest trading partner in Latin America. China imports mainly iron ore, beans and crude oil and paper pulp from Brazil while exporting machinery, communication equipment, textile products and steel to Brazil.

According to the Chinese Ministry of Commerce, China had invested $17.7 billion in Brazil's various sectors such as energy, mining, agriculture, infrastructure and manufacturing by the end of September. Meanwhile, Brazil had invested $536 million in China, mainly in aircraft manufacturing, hydropower stations and textile projects.

In 2013, the two central banks signed a bilateral local-currency swap pact for up to 60 billion Brazilian reais or 190 billion Chinese yuan ($30 billion) of trade in their respective currencies.

The two sides had dynamic cultural and people-to-people exchanges. In September and October 2013, Brazil and China held "Cultural Month" activities in each other's country. In the same year, China received 272 Brazilian students through the China-Brazil Science without Borders Scholarship Program. China also opened 10 Confucius Institutes and two Confucius Classrooms in Brazil.

China and Brazil have had close military-to-military exchanges and cooperation. Since 2000, military leaders have frequently visited each other's country. The Chinese naval fleet visited Brazil and held a joint military exercise with the Brazilian navy in 2013.

China Daily

(China Daily USA 05/18/2015 page3)