China, Brazil vow to facilitate bilateral trade in joint statement

BRASILIA, May 19 -- China and Brazil issued a joint statement to further facilitate bilateral trade Tuesday after talks between visiting Chinese Premier Li Keqiangand Brazilian President Dilma Rousseff.

According to the statement, the two sides agree to form a working group under the trade subcommittee of the China-Brazil High-Level Coordination and Cooperation Committee to promote services trade, while the existing working group for investment will continue to promote two-way industrial investment.

The two sides pledge to further facilitate bilateral cooperation in aviation, food processing, machinery equipment, auto and hi-tech products, oil and gas, electricity, renewable energy, railway, port, water transport, mining, agriculture, animal husbandry and services, it said.

Bilateral investment and cooperation will be strengthened in infrastructure, logistics, energy, mining, manufacturing and agriculture trade, it added.

In the statement, the Chinese side announces completion of the approval process for importing the first 22 out of 60 Brazilian-made planes under a purchase deal signed in July 2014. The two countries also vow to expand beef, pork and poultry trade.

The two sides agreed to conduct regular consultations on respective macro-economic policies as well as international and regional financial issues, hailing the progress toward establishing a BRICS development bank and a contingent reserve arrangement.

It backs Chinese and Brazilian banks to open branches in each other's country and believes that could promote bilateral trade ties.

The statement also says China welcomes Brazil's decision to join the Asian Infrastructure Investment Bank as a founding member.

Li arrived here Monday for an official visit to Brazil, which is the first stop of his four-nation Latin America tour, his first to the region since he assumed premiership in 2013. Besides Brazil, Li will also visit Colombia, Peru and Chile till May 26.