China, Brazil bound to play important role for peace, stability: Xi tells Lula

By Riyaz ul Khaliq

ISTANBUL (AA) - President Xi Jinping on Friday said China and Brazil are bound to play an “important and positive role” for peace, stability, and prosperity in their regions and beyond.

After receiving his Brazilian counterpart Luiz Inacio Lula da Silva at the Great Hall of the People in the capital Beijing for a bilateral meeting, Xi said: “A China-Brazil relationship that continues to enjoy a sound and steady growth is bound to play an important and positive role for peace, stability, and prosperity in their regions and beyond.”

Lula is on a four-day state visit to China since Wednesday after overcoming pneumonia. Lula had to postpone his state visit to China last month because of mild pneumonia.

The Chinese president told Lula that he appreciates “the high importance he attaches to the bilateral relationship by traveling long distances to China soon after his recovery,” according to Hua Chunying, China’s Foreign Ministry spokeswoman.

“China and Brazil are the two biggest developing countries and emerging markets in the Eastern and Western hemispheres.

“As comprehensive strategic partners, China and Brazil share extensive common interests,” Xi said, adding he was “ready to work with President Lula to steer and create a new future for China-Brazil relations in the new era.”

The two sides signed several agreements.

A former union leader, Lula on Thursday signaled his intent to move away from the US-dollar dependence in international trade.

“Why are all the countries obliged to do their trade in dollars?” said Lula while attending the inauguration ceremony of President Dilma Rousseff at the New Development Bank, formerly known as the BRICS bank in Shanghai.

“Why can't a bank like BRICS has a currency that can finance the trade relationship between Brazil and China, between Brazil and other BRICS countries?" said Lula.

Lula has been seeking to move away from dollar dependency for trade, pushing for BRICS – the acronym for five leading emerging economies: Brazil, Russia, India, China, and South Africa – to establish a new trading currency.

This would be Lula's third foreign visit, after trips to meet Argentine President Alberto Fernandez in Buenos Aires, and his US counterpart Joe Biden in Washington since being inaugurated earlier this year.

China has been Brazil’s top trading partner for the past 14 years, and bilateral trade volume surpassed $171 billion last year.