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Russia seeks to boost trade with Brazil
(Xinhua)
Updated: 2008-11-26 10:52
RIO DE JANEIRO -- Russian President Dmitry Medvedev on Tuesday called for further trade cooperation between his country and Brazil.

Russia's President Dmitry Medvedev visits Brazil's Petrobras oil company in Rio de Janeiro, November 25, 2008. [Agencies]

At a luncheon with Russian and Brazilian businessmen in Rio, Medvedev said bilateral trade is expected to reach $5 billion this year and will increase to $10 billion in 2010.

Brazil and Russia, two of the world's biggest emerging markets, share many similarities and are turning into leaders of global growth despite the current worldwide financial crisis, he said.

Medvedev said the approval of an international convention to prevent double taxation will become an element for boosting international trade and helping overcome the current financial crisis.

The Russian leader also called for extensive cooperation between the banking systems of the two countries, adding that Russia and Brazil can "create joint ventures" in other sectors like aviation, the military-industrial complex and energy.

Brazil is Medvedev's second stop of his Latin American tour that also includes stops in Venezuela and Cuba. He earlier attended the annual Economic Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) forum in Lima, capital of Peru.