In a visit likely to strengthen commercial ties between two major emerging nations, Brazilian president Luiz Inacio Lula da Silva arrived in Beijing Monday for three days of trade and investment talks with senior Chinese officials. da Silva was scheduled to meet with Chinese president Hu Jintao and other top leaders.
Before departing for China, da Silva said that he hoped during his visit to sign agreements on banking, ports, and infrastructure projects. In a sign that the aviation sector will be a key focus, da Silva plans to visit the Chinese Aerospace Technology Agency. China already builds a licensed version of Brazil's Embraer passenger jets.
da Silva said last week that China and Brazil should conduct business with each other in their own currencies instead of the U.S. dollar. Doing so would reduce transaction costs for Chinese and Brazilian exporters and importers, especially smaller companies, he said. Brazil and Argentina have already agreed to trade with each other using their own currencies.
Last year, da Silva met with Chinese vice president Xi Jinping during Xi's visit to Brasilia, the capital of Brazil. The two countries signed an agreement in which Brazil agreed to supply up to 100 million barrels of crude oil a day to China in exchange for a loan of up to $10 billion.
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