New opportunities for China Brazil economic and trade cooperation

Recently, the Ministry of Commerce of China announced the list of outcomes of the sixth meeting of the China Pakistan high level coordination and cooperation committee. The list shows that China and Brazil have reached an agreement on promoting bilateral cooperation in the development of agricultural trade, low-carbon and clean technology investment, and agreed to actively carry out cooperation in the digital economy and other fields.
It is generally believed in the industry that China and Brazil will further promote investment and trade cooperation in various fields, and there will be broad cooperation opportunities and promising prospects in the future.
The trade of agricultural products is becoming more and more popular
In recent years, the economic and trade cooperation between China and Brazil has achieved fruitful results. The bilateral trade has exceeded US $100billion for four consecutive years. China has maintained the status of Brazil's largest trading partner for 13 consecutive years. Brazil is China's largest investment destination in Latin America. In 2021, China and Brazil overcame the adverse effects of the COVID-19, and the bilateral trade volume increased by 37% to US $164.1 billion. In the first quarter of 2022, China's total exports to Brazil were about US $19billion, accounting for 23% of Brazil's total imports; China's imports from Brazil totaled 19.7 billion US dollars, accounting for 29% of Brazil's total exports.
The performance of agricultural products trade is particularly brilliant. Brazilian insiders said that over the years, Brazil's exports of bulk commodities such as soybeans to China have maintained a stable growth, and the export business opportunities of meat, fruit, honey and other products to China have also increased. The proportion of Brazilian agricultural products to China has increased significantly in the past decade.

It is reported that at an online seminar on agricultural cooperation between Brazil and China held in March this year, Jean Tarun, special adviser of the Brazilian Ministry of agriculture, said that the agricultural trade between Brazil and China is very important. In 2021, Brazil's agricultural exports to China exceeded US $40billion. Taroon also said that the primary task of Brazilian agricultural enterprises is to maintain long-term relations with China, and realize export diversification by shaping the image of Brazil among Chinese consumers according to the needs of the Chinese market.

Many Brazilian enterprises are also actively exploring the Chinese market through the platform of China International Import Expo. At the first fair, Brazilian enterprises showed their unique products to Chinese consumers, including traditional Brazilian food and drinks, such as cheese bread, fried meatballs, chocolate balls, sugarcane wine and fine coffee. At the fourth China International Fair held last year, the Brazilian export and Investment Promotion Agency joined 16 Brazilian enterprises and institutions to participate in the fair, bringing local specialty products such as meat, beverages, natural foods (honey, nuts), dairy products, etc.
Zhou Mi, deputy director and researcher of the Institute of Americas and Oceania of the Research Institute of the Ministry of Commerce, said in an interview with the international business daily that Brazil is a large agricultural country, and agriculture is of great significance to its economic development. There is a broad space for China Pakistan agricultural trade. Especially under the current situation of sharp fluctuations in the global agricultural market including food prices and unstable expectations, the complementary advantages between China and Pakistan are more obvious and the prospect is more promising. Both sides have broad space for investment and cooperation not only in the field of trade, but also in the fields of agricultural product processing. Through agricultural trade and investment cooperation in the agricultural field, China and Pakistan can meet the needs of the consumer markets of the two countries, help increase agricultural production and farmers' income, and also contribute to the economic recovery of the two countries after the epidemic.
Green and low carbon cooperation becomes a new highlight
At present, the adverse effects of climate change are increasingly apparent, and the urgency of global action continues to rise. How to cope with climate change and promote the recovery of the world economy has become an era issue facing all countries. Green, low-carbon and environmentally friendly have thus become new highlights of China Pakistan practical cooperation.
On November 25 last year, the first Greenland wind power project independently constructed and managed by CGN Brazil Energy Holdings Co., Ltd. was put into operation. The installed capacity of the project reached 82800 kW, which can contribute 366million kwh to Brazil every year. The newly started TN wind power project is located in Bahia, northeastern Brazil, with a total installed capacity of 180000 kW. It is planned to be completed and put into operation in April 2023. After completion, it is predicted that the annual power generation will reach 720million kwh, which is expected to greatly alleviate the local power shortage.
Brazil is rich in solar energy, hydropower, wind energy and other resources. In recent years, the local government has launched a series of measures to encourage the development of clean energy. The project is an epitome of China's increased investment in clean energy in Brazil, which helps promote local low-carbon growth.
Zhou Mi said that China and Brazil have common development needs and a good foundation for cooperation in the green and low-carbon field. Some advantages of Chinese enterprises, such as low-cost and practical low-carbon technologies, can provide Brazil with more affordable and easy to promote technical support. The prospects for mutually beneficial cooperation between the two sides are promising. As both major developing countries, China and Brazil have strengthened green and low-carbon cooperation, which is also of positive and important significance to the global response to climate change.