On November 20, 2024, Chinese President Xi Jinping and Brazilian President Luiz Inacio Lula da Silva met in Brasilia to enhance bilateral relations, signing nearly 40 agreements focused on trade, technology, and environmental protection.
During the meeting, President Xi emphasized the significance of this partnership, stating, "This is another historic moment in the development of China-Brazil relations," and expressed China's readiness to become Brazil's "golden partner."
President Lula voiced optimism about the future of the partnership, asserting that it would "exceed all expectations" and usher in a new phase of cooperation.
Xi's visit follows his participation in the recent G20 summit in Rio de Janeiro and an APEC summit in Lima, Peru. His prominent presence at these events contrasts with outgoing U.S. President Joe Biden, who is nearing the end of his term.
China has increasingly become a crucial trade partner for Brazil, with bilateral trade exceeding $160 billion last year. Brazil primarily exports soybeans and other commodities to China, while importing electronics, vehicles, and pharmaceuticals in return.
As Lula seeks to redefine Brazil's foreign relations after the presidency of Jair Bolsonaro, he aims to balance ties with the U.S. while fostering connections with nations like China and Russia.