China and Brazil have successfully signed trade agreements that amount to $27 billion during the Brazilian leg of Premier Li Keqiang's South American tour, which began on Monday, May 18.
Premier Li, together with Brazilian President Dilma Rousseff, hosted a joint press conference where the two leaders enthusiastically expressed China and Brazil's agreement to expand bilateral trade and strengthen financial cooperation between the two nations.
The two leaders also agreed on increased cooperation in terms of industrial capacity.
According to Premier Li, China's extensive experience in infrastructure construction would greatly help Brazil's own construction woes. This kind of aid will in turn cause a domino effect in infrastructure construction in the South American state, such as creation of jobs and reduction of construction costs.
In the joint press conference, Li also stated China's support of Brazil's new, bigger role in international affairs.
"In the context of the weak recovery of world economy and the downturn pressure, the strengthening of cooperation between China and Brazil, two major emerging economies in the world, will help build confidence for all emerging economies and contribute to the global economic recovery," said Li.
Premier Li also announced Beijing's plans to establish a special fund worth $30 billion to promote China-Latin America cooperation, specifically in equipment manufacturing and production capacity.
Premier Li and President Rousseff also discussed the proposed Cross-Andes railway. The two agreed that the construction of the railway would be significant as it fuels further developments in infrastructure integration in the South American region.
After Li's stop in Brazil, the Chinese Premier will head to Colombia, Peru and Chile to continue his 13-day South American trip.