On November 12, 2004, President Hu Jintao who was paying a state visit to Brazil attended and addressed the closing ceremony of China-Brazil Economic and Trade Cooperation Seminar. He stressed to enhance economic and trade cooperation and promote common prosperity is an important part of China-Brazil strategic partnership and a shared mission for both sides.

Also present at the seminar with Hu was President Lula. Lula said in his speech that the recognition of China's market economic status by Brazil reflects the rich implications of Brazil-China strategic partnership. To boost Brazil-China economic and trade cooperation in a pragmatic manner will help further consolidate bilateral strategic partnership and benefit both peoples.

Hu said in his speech that the development of China-Brazil strategic partnership has brought tangible benefits to both peoples. Last year, bilateral trade volume hit 8 USD billion and China purchased Brazilian products worth around USD 6 billion. In the first nine months of this year, China has purchased Brazilian products worth USD 6.6 billion, an increase of more than 50 percent over the same period of the previous year. China has become the third largest export market for Brazil. Meanwhile, there are more than 70 Chinese-funded businesses in Brazil and 300 Brazilian-funded businesses in China. The cooperation between China and Brazil in earth resource satellite has become a model for south-south new and high-tech cooperation.

Hu said both China and Brazil boast a huge market and vast potential of development. The high complementarities between the two economies provide large room for bilateral economic and trade cooperation. Hu said with concerted efforts bilateral annual trade volume is expected to hit USD 20 billion in the next three years. To this end, Hu proposed four suggestions:

First, to realize advantageous complementarities and promote common development. China and Brazil enjoy a high degree of economic complimentarity. The two sides need to give full play to each other's advantages, tap potential for development, continuously improve cooperation level so as to create a win-win situation.

Second, to expand cooperation areas and innovate cooperation modalities. The two sides need to strengthen extensive cooperation in agriculture, energy, mineral resources, space and information technology as well as infrastructure construction. A variety of cooperation modalities such as trade, investment, economic and technical cooperation should be explored and cooperation should be conducted at various levels including governmental level, corporate level or civil society level.

Third, to strengthen government services and create environment for cooperation. The two sides need to further promote trade and investment facilitation and the two governments need to provide legal assurance, policy consulting and information service for the cooperation in the business community.

Fourth, to uphold consultation and coordination and safeguard common interest. The two sides need to make full use of existing bilateral mechanisms such as the economic and trade task force and uphold the settlement of disputes and problems in the process of economic and trade cooperation through consultation. The two sides need to foster closer cooperation in international economic affairs and continue to enhance coordination in the Doha round of negotiations so as to produce a result that benefits all parties, especially developing countries.

Co-sponsored by Chinese Ministry of Commerce and Brazilian Ministry of Foreign Affairs, the one-day seminar attracted around 400 entrepreneurs from both sides.

Later in the afternoon, Hu Jintao met with Nelson Jobim, President of the Federal Supreme Court of Brazil. Hu briefed him on China's efforts in democracy and law enhancement. He said Brazil is reforming its judicial system and China is also conducting in-depth judicial reforms to maintain judicial justness and improve judicial efficiency. Exchanges and cooperation can be conducted at all levels between the judicial communities of the two countries so that they may learn from each other and provide an even more solid legal basis for the development of the two countries.

Later in the evening, Hu and his wife Liu Yongqing attended the welcoming banquet by Lula and his wife. Wang Gang and other Chinese officials accompanying President Hu as well as the Brazilian Vice President, Speaker of the Senate and Minister of Foreign Affairs, Minister of Science and Technology, Minister Mineral Resources and Energy, and Minister of Industry and Foreign Trade attended the banquet.