On November 16, Wang Shouwen, Vice Minister and Deputy China International Trade Representative, co-hosted the 8th meeting of the Economic and Trade Subcommittee of China-Brazil High-level Coordination and Cooperation Committee with Sarquis J. B. Sarquis, Secretary for Foreign Trade and Economic Affairs and João Luís Rossi, Special Assistant Secretary of Foreign Trade and International Affairs via video link. They exchanged views on implementing the consensus reached between leaders of the two countries and deepening economic and trade cooperation. Yang Wanming, Chinese Ambassador to Brazil and Paulo Estivallet de Mesquita, Brazilian Ambassador to China attended and addressed the meeting.

Wang Shouwen stated that since 2021, President Xi Jinping and President Bolsonaro have exchanged letters on many occasions, reached important consensus on developing China-Brazil relations and pointed out the direction for bilateral economic and trade cooperation. Bilateral trade volume between China and Brazil remains high and has surpassed USD100 billion for three consecutive years, demonstrating strong resilience and great potential. As Chinese and Brazilian economies are highly complementary, mutually beneficial cooperation between the two enjoys broad prospects.

Wang Shouwen emphasized that China is ready to work with Brazil to enhance strategic coordination between China’s Belt and Road Initiative and Brazil’s Investment Partnership Program, generate more outcomes of investment cooperation in digital economy and green development, improve communication and coordination under the multilateral framework and safeguard the interests of developing countries. China welcomes Brazil to actively participate in major exhibitions such as the CIIE, CIFTIS, the Canton Fair and the CIFIT to continue to expand practical cooperation and improve bilateral economic and trade relations. China also hopes that Brazil will continue to provide Chinese companies with an open, fair and non-discriminatory market environment.

Brazil stated that it highly values the development of economic and trade cooperation with China. It regards China as an important economic and trade partner, and is ready to strengthen strategic coordination and policy communication with China, promote trade and investment facilitation, and further tap potential. Brazil is willing to strengthen cooperation with China in such areas as infrastructure, aviation and customs to promote the healthy development of bilateral trade. Brazil-China vaccine cooperation is progressing well, and there are broad prospects for cooperation in green development and digital economy. It welcomes Chinese companies to invest and run business in Brazil.

Both sides agreed to fully leverage the leading role of the Economic and Trade Subcommittee in promoting bilateral economic and trade cooperation to strengthen consultations and exchanges in investment, trade, customs and other fields and practical cooperation on key projects, and will prepare for the 6th meeting of China-Brazil High-level Coordination and Cooperation Committee. The two countries will actively explore investment cooperation in digital economy and green development. China and Brazil will also boost cooperation under plurilateral and multilateral frameworks such as the WTO, the G20, BRICS, Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (MACAO Forum), etc.