China and Brazil sign trade deals at Bric summit
BBC, April 15, 2010
China and Brazil have signed several trade agreements on the sidelines of a shortened Bric summit in Brasilia.
The deals are aimed at boosting trade and energy co-operation between the two states and include a pact to build a Chinese steel plant in Brazil.
The four emerging economies of Brazil, Russia, India and China make up Bric.
The summit was brought forward by a day after China's President Hu decided to return home early to deal with the aftermath of a major earthquake.
Greater influence
This is the second summit of the Bric leaders, following their meeting in the Russian city of Yekaterinburg last year.
The countries also reiterated calls to have a greater say in global financial institutions such as the World Bank and the International Monetary Fund (IMF).
"Brazil, Russia, India and China have a fundamental role in creating a new international order that is more just, representative and safe," said Brazilian President Luiz Inacio Lula da Silva.
The group has been pushing for reform of the global financial system, which it says is unfairly dominated by developed economies such as the US and Japan.
The Bric countries account for 40% of the world's population and, therefore, should have a greater say in the way the global economy is managed, they argue.
Train link
President Lula said of the steel agreement: "It will be the biggest Chinese investment in Brazil and the biggest by China abroad in this sector."
The deal involves the Brazilian company LLX, a subsidiary of the EBX group controlled by billionaire, Eike Batista, and Chinese firm Wuhan Iron and Steel.
The mill will be built in the port of Acu in Rio de Janeiro state.
He added that China had also expressed an interest in bidding to construct a high-speed train line between Rio de Janeiro and Sao Paulo.