Brazil is due to sell US$1.75 billion in maize to China

Brazil is due to sell China maize worth 4 billion reals O (US$1.75 billion) under the terms of an export agreement signed Wednesday in Guangzhou at the plenary session of the Chinese-Brazilian High-Level Concertation and Cooperation Commission (COSBAN).

“The protocol that we signed broadens the range of high quality, competitively priced products that Brazil can supply to China,” said the Brazilian vice President, Michel Temer, cited by the Brazilian press.

Having travelled from Macau, where he took part in the 4th Ministerial Conference between China and the Portuguese-speaking Countries, to Guangzhou for the COSBAN meeting, Temer also said that an agreement had been reached with the Chinese authorities to lift an embargo on Brazilian beef.

“We therefore agreed with the Chinese authorities for technical visits to be carried out more quickly, with a view to authorising more beef, poultry and pork exporting companies,” the vice President said cited by the Brazilian press.

Temer said that Brazil was open to investments by Chinese companies, particularly in the rail, port, airport and roads sectors.

China has been Brazil’s biggest trading partner since 2009 and is also one of the country’s biggest investors. Tow-way trade in 2012 totalled US$75.4 billion, with US$41.2 billion in Brazilian exports to China and imports from China of US$34.2 billion. (macauhub)

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