Brazilian government expects exports to China to rise 21 pct in 2011

The Brazilian government plans for exports to China to increase by 21 percent to US$37.3 billion in 2011, said Brazil’s Development, Industry and Foreign Trade Minister, Fernando Pimentel cited by the Brazilian press.

Pimentel was speaking at the end of a meeting with Brazil’s Foreign Relations Minister, Antônio Patriota, and China’s Trade Minister, Chen Deming, in Brasilia, as part of the China-Brazil High Level Cooperation Commission (Cosban), which discusses trade and economy between the two countries.

During the meeting Pimentel also proposed that Brazil and China start discussing a change in the international standard exchange rate system based on the US dollar, replacing it with a standard based on a set of currencies, arguing that there was no longer any reason to stick to a standard created in the 20th century.

The Chinese minister said he supported the measure but added that it was an issue to be dealt with on a long term basis by the Finance Ministries and the central banks of the respective countries.

Pimentel and Chen also took part in the closing session of the Brazil-China Business Meeting held at the National Confederation for Industry (CNI), which was attended by the 66 businesspeople who were part of the official Chinese delegation.

At public events the two ministers noted interest in increasing trade and two-way investment, which would ensure technology transfer and partnerships with Brazil, according to Pimentel.

Pimentel also announced the creation of a technical supervision group for two-way trade to find solutions to one-off difficulties and make the search for solutions faster, as well as a trade mission to China in October organised by Brazil’s export and investment promotion agency Apex-Brasil.