The Chinese Council for the Promotion of International Trade (CCPIT) and the Brazilian Business Leaders Group (Lide) on Wednesday in São Paulo signed a cooperation agreement to increase the export of Brazilian products to China, reported Brazilian news agency Agência Brasil.

During the Brazil-China seminar, which brought together 400 business people from both countries in the city of São Paulo, the vice-president of the CCPIT, Chen Zhou, said that China wants to discover new potential for trade with Brazil, in addition to the main products that are currently exported, such as soy beans, oil and minerals.

The agreement includes partnerships in the productive chain, to reduce logistical costs, one of the current obstacles to Brazilian industrial development and agribusiness, as well as conducting seminars to facilitate business exchange.

Chen Zhou said there are currently 200 Chinese companies that have made investments in Brazil, and the Consul General of China in Brazil, Chen Peijie, estimated that Chinese investment in Brazil had recorded growth of 28.4% in the first three quarters of this year compared to the same period of 2016, to reach US$14 billion.

The Secretary of Finance of the State of São Paulo, Hélcio Tokeshi, said that exports from China to the State totalled US$8.5 billion over ten years, with growth of 85% over this period, while exports to China reached US$4.0 billion, an increase of 400% in the same 10-year period.