Brazil, China enjoy immense potential of cooperation

China and Brazil, though far apart geographically, have seen continuous development in bilateral trade in recent years, with immense potential for the future.

Bilateral trade volume in 2008 reached US$48.5 billion, a 63.2-percent increase year on year.

Chinese exports to Brazil reached US$18.75 billion, an increase of 64.9 percent, while China's imports from the South American nation surged by 62.2 percent to US$29.75 billion.

The booming development points to great potential in bilateral trade, Wang Qingyuan, commercial counselor at the Chinese embassy in Brazil, told Xinhua.

Lula, who visited China in May, said the two nations have a "shared responsibility to help bring about the fundamental reforms in global governance that the world so urgently needs."

China already is Brazil's largest trading partner, but Lula said he still sees the potential for a huge expansion in bilateral trade.

Qiu Xiaoqi, the Chinese ambassador to Brazil, said China and Brazil enjoy common ground on many world issues, including how to establish a new international economic order and how to reform the current financial system.

The two countries will conduct close cooperation on those issues, Qiu told Xinhua.

(Xinhua News Agency June 14, 2009)