RIO DE JANEIRO, BRAZIL – Brazil’s Vice-President Hamilton Mourão said yesterday, September 9th, when participating in an event with Chinese entrepreneurs in São Paulo, that the escalation of tariff barriers and the risk of recession as a result of the trade conflict between China and the United States are afflicting Brazil.
“The world is following with apprehension the escalation of tariff barriers and the increased risk of global recession. We know that short-term gains for Brazil, such as increased demand for soybeans, may be compromised by the global reduction in economic activity or by the imbalance of markets in the longer term. Political instability does not contribute to economic progress”.
According to Mourão, Brazil has sought to increase and diversify its trade relationship with China. “We have sought to build relationships of trust and create the right environment for the expansion and diversification of economic relations with China. This provision is even more relevant in the context of intensified economic and trade confrontation between China and the United States,” he said.
Refrigerators
The acting president said he had spoken with Agriculture Minister Tereza Cristina on September 9th, who informed him that 25 new pork, beef, and poultry meatpacking plants had been authorized to export to China.
During the annual meeting of the Brazil-China Business Council (CBBC), Mourão praised the commercial partnership between the two countries, which has been growing in recent years, he said. He recalled that China has been Brazil’s largest trade partner for the past ten years. “Projections point to a higher and better performance,” he said.
Mourão further said that President Jair Bolsonaro’s government “is carrying out the required reforms for Brazil to enter a new cycle of economic growth. “We are counting on China as a partner in this process”.
Conference
Yesterday, Mourão took part in the conference – Opportunities for Brazil – on a strategic partnership with China, held annually in São Paulo by CBBC, which celebrates 15 years of activities this year.
During the event, the 2018 survey on Chinese Investments in Brazil was presented by the CBBC, showing that, between 2007 and 2018, Chinese investments in Brazil reached approximately US$60 billion (R$240 billion).