Chinese Premier Li Keqiang has signed a trade agreement worth $27 billion with Brazilian President Dilma Rousseff, which will include provisions for the agriculture sector.
The accord was signed in Brasilia this week during Li’s official visit to Brazil.
“Strengthened co-operation between the two nations is conducive to promoting their respective national development, maintaining the overall developing momentum of the emerging markets and advancing global recovery,” Li said during his talk with Rousseff, according to Xinhuanet, China’s state-owned news agency.
Li urged substantial progress in building a railroad connecting South America’s Pacific and Atlantic coasts as well as enhanced industrial chain cooperation in agriculture, iron ore and clean energy.
Although details about specific fund allocations to agri remain unclear, the two countries pledged to facilitate bilateral cooperation in food processing, agriculture, water transport, machinery equipment, auto and hi-tech products, oil and gas, electricity, renewable energy, railway, port, aviation, mining, animal husbandry and services, according to a joint statement issued by China and Brazil on Tuesday.
On top of this deal, China welcomes Brazil’s decision to join the Asian Infrastructure Investment Bank as a founding member, according to the joint statement.
This is Li’s first trip to Latin America since becoming president in 2013, with Brazil as his first stop. Li will also visit Colombia, Peru and Chile over the next few days.