Brazil, China to expand cooperation in trade, services

BRASILIA - Brazil and China are set to sign an agreement to expand cooperation in trade and services on the sidelines of the upcoming Group of 20 (G20) Summit to be held in China in September, a senior Brazilian official said on Wednesday.

The deal will benefit sectors accounting for up to 58 percent of Brazil's gross domestic product (GDP), said Brazilian Minister of Industry, Trade and Services Marcos Pereira, adding he had discussed the proposed agreement with interim President Michel Temer.

"I spoke with the president about the memorandum we have signed with China, a memorandum of understanding for cooperation in the areas of trade and services," he said.

Pereira attended a gathering of G20 trade ministers in June in the Chinese city of Shanghai, where Brazil and China discussed bilateral cooperation on trade and services.

Temer is expected to attend the G20 summit in the eastern Chinese city of Hangzhou early next month. The Brazilian government is to present a briefing Thursday on its delegation and schedules at the summit.

Brazil is China's 10th largest trading partner, and is also China's biggest investment destination in Latin America.