Xi Jinping to Visit Brazil for G20 Summit in November

(Analysis) Chinese President Xi Jinping’s upcoming visit to Brazil marks a significant milestone in the relationship between the two nations. The trip, scheduled for November 17-21, 2024, coincides with the G20 summit in Rio de Janeiro. This visit follows Xi’s participation in the APEC Leaders’ Meeting in Lima, Peru.

The timing of Xi’s visit is crucial. It comes as Brazil and China celebrate 50 years of diplomatic ties. The two countries have seen their economic relationship flourish over the past decades. China now stands as Brazil’s largest trading partner, with bilateral trade exceeding $180 billion in 2023.

Brazilian President Luiz Inácio Lula da Silva faces a delicate balancing act. He aims to deepen ties with China while improving relations with the United States. This diplomatic tightrope walk reflects Brazil’s desire to maintain its strategic autonomy on the global stage.

Xi Jinping to Visit Brazil for G20 Summit in November. (Photo Internet reproduction)

The visit may lead to Brazil joining China’s Belt and Road Initiative (BRI). This massive infrastructure project has already attracted 22 Latin American countries. Brazil’s potential participation could open new avenues for Chinese investment in the country.

Brazil’s interests in the BRI primarily focus on three areas: green energy, technological cooperation, and infrastructure projects. These align with Brazil’s goals of energy transition and reindustrialization. The country seeks to leverage its relationship with China to advance these objectives.

Recent developments underscore the growing economic ties between the two nations. Brazil and China recently agreed to conduct trade in their own currencies, bypassing the U.S. dollar. This move signals a shift in global economic dynamics and Brazil’s strategic thinking.

Xi Jinping to Visit Brazil for G20 Summit in November

Chinese investment in Brazil grew notably, rising 31% from 2020 to 2021. However, it still lags behind U.S. investments in the country. The Chinese yuan has also gained prominence in Brazil’s international reserves, surpassing the euro in importance.

Agricultural trade plays a central role in the Sino-Brazilian relationship. China was the primary destination for Brazilian agribusiness exports in 2023, totaling $60.24 billion. This figure represents 36.2% of Brazil’s total agribusiness exports for the year.

The upcoming visit may yield new agreements in various sectors. These could include deals in agribusiness, civil aviation, and infrastructure development. Such agreements would further cement the economic ties between the two nations.

Both Brazil and China have positioned themselves as potential mediators in the Ukraine conflict. Neither country has imposed sanctions on Russia for its invasion. This shared stance highlights their independent foreign policy approaches.

As Xi Jinping prepares to visit Brazil, expectations run high. The visit represents more than just a diplomatic formality. It symbolizes the evolving nature of global economic and political relationships. The outcomes of this visit could shape the future of Sino-Brazilian relations for years to come.