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Brazil seeks to triple exports to China by 2010

(Xinhua)
Updated: 2008-07-04 14:37

The Brazilian government on Thursday launched a China Agenda program aimed at boosting bilateral trade between the two countries, said an official of the Ministry of Development.

The initiative, which involves a series of coordinated measures by the government and private sectors, seeks to triple Brazil's exports to China by 2010 and encourage more Chinese investment in Brazil.

The goal of the initiative is to increase Brazil's trade presence in the Chinese market, said Minister of Development Miguel Jorge.

"Brazil's foreign trade with China will certainly increase, if we raise the technological content of our exports to the Chinese market with products of greater added value," Jorge said.

The initiative also proposed measures aimed at bringing more Chinese investment to Brazil, reducing imbalance in bilateral commercial transactions and moving forward the discussion of sensitive issues that could constitute obstacles in the trade expansion between the two sides.

The Brazilian government has identified 619 products that are in high demand in China as priority export items to the country.

Meanwhile, the government has also proposed to include more manufactured products in its exports to China, 74 percent of which now are low-value commodities such as soybeans and pig iron.

The Brazilian government hoped that the strategy could guarantee the country's energy security, resources sustainability and the expansion of external markets. It also expected the program could result in strong direct investment from China in the coming years.

The trade volume between China and Brazil totaled $29.7 billion in 2007, jumping 46.4 percent year-on-year, according to the latest statistics of China's Ministry of Commerce.