China and Brazil have pledged to collaborate for the next 50 years, building on the foundation of their 50-year diplomatic relations.
During his visit to Brazil, Chinese Foreign Minister Wang Yi emphasised the commitment to deepen cooperation, aiming to enhance the well-being of both nations.
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The economic ties between the two countries have flourished.
Brazil experienced a record surplus of nearly $100 billion in its trade balance with China in 2023, marking a significant increase of over 60% from the previous year.
Brazil primarily exports key commodities like soybeans, iron ore, and beef to China, while China exports manufactured goods, electronics, and consumer goods to Brazil.
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As China remains Brazil’s largest trading partner for 14 consecutive years, imports from Brazil reached $106 billion in 2023, reflecting a notable 16.5% increase.
Diplomatic relations between China and Brazil were officially established in 1974.
Since then, the two countries have developed a long-term and stable strategic partnership based on mutual benefit.
This partnership has seen smooth progress in the political, economic, scientific, and cultural fields, with frequent high-level exchanges and regular political consultations.
In 1993, the two countries entered a “strategic bilateral partnership” focused on economic and technological cooperation.
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China has become Brazil’s largest trade partner and the largest export market, with the two countries maintaining similar views on many important international issues.
The relationship between China and Brazil is primarily economic, with China being Brazil’s largest trading partner since 2009.
The two countries have also cooperated in the BRICS grouping of emerging powers, which plays a vital role in Brazil’s foreign policy.
While the partnership is primarily economic, it is also significant for China’s strategy in Latin America and its global leadership.
