In 2022, two-way trade stood at 171.35 billion dollars. China imported 54.4 million tons of soybeans and 1.11 million tons of frozen beef from Brazil, taking up 59.72 percent and 41 percent of their total import amount, respectively, showed data from China's General Administration of Customs.

On Feb 7, the People's Bank of China signed a memorandum of cooperation with the Central Bank of Brazil to establish RMB clearing arrangements in Brazil, a move experts say will improve bilateral trade efficiency and defuse external risks to provide an effective safeguard mechanism for trade between the two countries.

After the talks between Xi and Lula on Friday, the two presidents witnessed the signing of various bilateral cooperation documents on trade and investment, digital economy, scientific and technological innovation, information and communications, poverty reduction, quarantine, space and others.

Gustavo Biscassi, head of External Affairs of Brazil's mining giant Vale, told Xinhua that for his company, which has been exporting products to China for the last 50 years, "China is not only our largest market, but also a critical supplier for the mining, infrastructure and logistics equipment and services."

"We are looking forward to continuing our close cooperation with China in the next 50 years," he said.