Chinese President Xi Jinping and Brazilian President Luiz Inacio Lula da Silva signed 37 new trade and business agreements at a meeting on Wednesday.
The deals will allow more than US$150 billion of bilateral trade, as well as cooperation on environmental protection, scientific research, and telecommunications.
"China-Brazil relations are now at their best moment ever,” said Xi.
“We are determined to build our cooperation over the next 50 years in areas such as sustainable infrastructure, energy transition, artificial intelligence, digital economy, health and aerospace,” Lula said.
While Brazil declined to join China’s Belt and Road initiative last month, these new agreements would facilitate cooperation between Brazilian government programmes and the Belt and Road. This will include a link between Brazil and the China-funded Chancay port in Peru.
Chinese satellite company SpaceSail, a competitor to Starlink, struck a deal to enter the Brazilian market during Xi and Lula’s meeting.
Brazilian food processing company BRF will purchase a factory in Henan for $43 million.
BNDES, Brazil’s state bank, will receive a $690 million loan from China Development Bank.
Lula and Xi met in Brasilia, following the G20 summit in Rio de Janeiro. At the summit, Xi said China estimates imports from developing countries will reach $8 trillion by 2030.
Xi also met with other Latin American leaders this week at the G20 summit. He held talks with Mexican President Claudia Sheinbaum, Bolivian President Luis Arce, and Argentinian President Javier Milei.