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Brazil Recognizes China's Market Economy Status in the Memo

2004/11/13

On November 12 2004, Chinese Minister of Commerce Bo Xilai and Brazilian Foreign Minister Amorim signed the "Memorandum of Understanding on Trade and Investment Cooperation Between the People's Republic of China and the Federative Republic of Brazil" on behalf of their respective governments in Brazil. In the memo, the Brazil Government officially recognized China's market Economy status.

The two governments agreed in the memo to strengthen cooperation, promote exchanges, appropriately handle the problem occurred in inspection and quarantine between the two sides, enhance the cooperation in areas like aircraft making and push forward the development in bilateral economic and trade relations.

Brazil's recognition of China's market economy status enriched the content of the strategic partnership between the two countries and will undoubtedly strengthen and expand the trade and investment opportunities to a great extent. Meanwhile, it contributes to improving the environment of competition and will ensure that the enterprises from both sides compete on a fair and equal basis, thus providing sound conditions for the enterprises to cooperate in broader areas.

The economic and trade relations between China and Brazil have developed rapidly in recent years. Two-way trade grew 58.4 percent during the January-September period this year. According to the statistics of the Chinese side, China-Brazil trade volume hit 9.296 billion US dollars the first nine months of the year, more than that of the whole year of 2003.

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