China and Brazil sign trade pact in Rio de Janeiro
Brazil has signed a deal with China and India for the first time in Rio De Janeiro, setting up the first such pact between two of Brazil’s largest economies.
The deal was signed in the Brazilian capital on Tuesday.
It sets up a new trade deal that will include $1.6 billion in Brazilian exports and $1 billion in Indian goods.
The deal also includes a bilateral investment treaty worth $1,400 million and a new free trade agreement with the EU worth $4 billion.
Brazil’s president, Michel Temer, said the deal was a historic step toward a new global trading relationship.
“The trade partnership between Brazil and China will allow the Chinese to continue to expand its business in Brazil, while providing benefits to Brazilian exporters, including through the trade in services,” Temer said in a statement.
“This will be a powerful and decisive contribution to Brazil’s future economic growth.”
The trade agreement will be in effect for five years, starting with 2018.
Temer’s administration has promised to increase Brazil’s trade with China by $2 billion in the first five years of the agreement.