Opinion / Op-Ed Contributors

Relations of global significance

By Sun Hongbo (China Daily) Updated: 2011-05-27 07:29

China and Brazil should optimize investment structure and promote diversity of bilateral trade and exchanges

Since the establishment of the bilateral strategic partnership in 1993, especially since the start of the new century, ties between China and Brazil have developed rapidly, with frequent exchanges at different levels and various kinds of dialogue mechanisms maturing. Both countries have also continuously made new headway in pushing for bilateral economic and trade cooperation and maintained unblocked communications and coordination on a variety of global issues.

Sino-Brazilian ties have already gone beyond the bilateral scope and evolved into a relationship of global significance. This is partly the result of the multi-polarization of the international political pattern and the growing economic interdependence among world members. The formation of the world's new economic growth centers, led by some emerging economies, has also contributed to a closer bilateral relationship.

Brazil is playing a pioneering role in the development of the South American continent, as are China and India in Asia. According to its own official statistics, Brazil was the world's seventh largest economy in 2010 in terms of its purchasing power. In view of its economic size and its ever-rising international political influence, both traditional powers and emerging nations are vying to be its cooperative partner.

The international financial crisis has expedited economic and trade cooperation between China and Brazil, and emphasized their common strategic interests in pushing for multilateral cooperation. The two countries have shared stances on a number of international issues, ranging from the Doha Development Round - the current trade-negotiation round of the World Trade Organization - and the reform of the international financial system to climate change and efforts for better global governance.

Meanwhile, China has become the largest trading partner of Brazil since 2009. It is also Brazil's largest export destination and second largest source of imports. Statistics from China's customs indicate that Brazil was China's ninth largest trading partner in 2010 and that bilateral trading volumes amounted to $62.55 billion, an increase of 47.5 percent on the previous year. Trade volumes with Brazil account for 34.18 percent of China's trade value with all South American countries.

China and Brazil have also enjoyed active and smooth communications within some global and regional multilateral frameworks, such as within the United Nations, the World Trade Organization, the G20 and BRICS.

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