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Hu: Trade with Brazil will double in three years
By Zhao Huanxin (China Daily)
Updated: 2004-11-15 11:41

BRASILIA: As promoting common prosperity is at the core of the Sino-Brazilian strategic partnership, Chinese President Hu Jintao proposed facilitating trade and investment to better serve entrepreneurs.

Speaking at an economic and trade seminar in the Brazilian capital Friday night, Hu said the two highly complementary economies should work towards a win-win scenario.

Hu is in Brazil for a five-day state visit. He left Brasilia for Rio de Janeiro on Saturday.

The strategic partnership between China and Brazil, set up 10 years ago, has benefited both countries, Hu told 400 entrepreneurs.

China has become Brazil's third largest export market.

Imports from Brazil approached US$6 billion last year, and hit a new high of US$6.6 billion through September, according to customs statistics.

China has founded 70 firms in Brazil, and Brazil has invested in more than 300 projects in China.

In addition, two China-Brazil earth resource satellites (CBERS) were launched in 1999 and 2003, setting an example of co-operation in new and high technology, Hu said.

While the governments should provide legal, policy counselling and information services to businesses, entrepreneurs from the two countries should explore new avenues for co-operation, he said.

He called for extensive co-operation in a multitude of sectors including agriculture, energy, mineral resources, space, information technology and infrastructure.

The two sides should resort to consultation to resolve any trade conflicts, Hu said.

He also said the two countries should work together on the international stage, such as within the World Trade Organization, to benefit each other and the developing world at large.

In his talks with Brazilian President Luiz Inacio Lula da Silva, Hu said he hoped annual bilateral trade will double in three years from the current US$20 billion.

The goal is perceived as feasible, given the good rapport between the two countries and a package of economically meaningful agreements the two sides clinched on Friday.

In addition to stepping up co-operation in peaceful use of outer space, the accords serve to increase Brazil-bound tourists and imports of Brazilian chicken and beef.

President Lula said his country's recognition of China's status as a market economy on Friday indicated the bilateral partnership is strong.

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