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attended the inauguration of the new bank in shanghai on thursday. the new development bank is set up by the brics group, and president lawler said the new financial institute freeze developing countries from establishment. a business reporterjoao da silva has more on the significance of this trip. the goal, in his own words, is to strengthen the relationship and at least when it comes to business ties already significant, china s brazil s biggest export market, each year buying tens of billions of dollars worth of natural resources and agricultural products, including soybeans, iron ore, oil, and beef. while brazil, according to chinese state media, is the biggest recipient of chinese investment in latin america. president lula da silva is more of it if he is to boost result s stagnant economy, that is why the brazilian government expects more than 20 bilateral agreements to be signed during his trip was not as part of the deeper ties, they have already agreed to allow ....
surged 10% last year to $150 billlion. they have moved to reduce reliance on the us dollar by setting up payment clearing in the chinese currency, the yuan. former brazilian president dilma rousseff is to be sworn in today as head of the new development bank a rival to the world bank and imf set by by the so called brics countries of brazil, russia, india, china and south africa. let s speak now to william jackson, who is emerging market economist at capital economics. xi has been signalling the post covid reopening of china by hosting a series of world leaders. what can we read into the fact that brazil s leader has been among the first? you are absolutely right. as china moves into its postcode environment it seems to be wanting to spread its international wings. we have seen talks between saudi arabia and iran recently, and now we have cordial words with president lula, hayes and china at the moment. there is a big political angle to this, to find a way to cement r ....
president lula da silva is paying a visit. president xijinping president lula da silva is paying a visit. president xi jinping told president lula da silva is paying a visit. president xijinping told his brazilian counterpart that chinese development would create new opportunities for brazil. the also an opportunity for beijing to reinforce ties with one of the world s emerging economic powers, a member of the group of economies which also includes russia, india and south africa. he said he viewed relations with brazil as a diplomatic high priority. the countries agreed a deal to ditch the dollar and trade between them in their own currencies. joining me now is the chief economist, who joins me now. big on promises after this meeting about what these deeper ties will mean for brazil but i wonder what was your to how much detail there was about the opportunities which could present themselves to brasilia. ., ., , brasilia. there were areas where there was detail, brasi ....