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China and Brazil seek synergies between their infrastructure programs
Wednesday, November 20, 2024 - 18:00
Foto Europa Press

Brazil's rapprochement with Beijing underscores the continued retreat of the United States as it seeks to move up the value chain and develop economically.

Chinese President Xi Jinping and Brazilian President Luiz Inácio Lula da Silva agreed to join forces on their infrastructure plans during a meeting held on Wednesday in Brasilia, following the Chinese leader's participation in the G20 summit.

"We will establish synergies between Brazil's development strategies, such as the New Industry Brazil (NIB), the Growth Acceleration Program, the South American Integration Routes Program and the Ecological Transformation Plan, and the Belt and Road Initiative," Lula said after receiving Xi on a state visit.

Although Brazil has not formally joined China's Belt and Road Initiative, Xi used the same words to describe the partnership. The goal, he said, is to "establish synergies" between the investment pact signed by Beijing and Brazil's growth strategy.

Brazil's rapprochement with Beijing underscores the continued shift away from the United States as it seeks to move up the value chain and develop economically. Lula is seeking to transform its commodity-based economy with Chinese investment, hoping to take advantage of the Belt and Road infrastructure initiative signed by Xi without formally joining it.

The growing ties between the two BRICS countries have raised concerns in the Biden administration, which has warned Brazil against further engagement with China. Last month, US Trade Representative Katherine Tai warned Brazil of the risks of joining the BRI.

With President-elect Donald Trump calling for tariffs of up to 60% on Chinese imports, his administration is threatening to become even more aggressive in confronting allies willing to break ranks with Beijing.

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Europa Press