$10b loan-oil deal lubricates trade

• Source: Ce.cn
• [10:27 May 21 2009]
• Comments

Sun Hongbo, an expert in Latin America studies at the Chinese Academy of Social Sciences (CASS), said enhancing oil cooperation is a "significant part" of the Brazilian president's visit, adding that the current financial crisis offered China the opportunity to seal the deal.

It is Lula's second state visit to China; he first visited after he assumed presidency in 2003.

The visit is to "develop the strategic partnership" between the two "mutually complementary emerging powers", Lula said in a speech at the CASS before unveiling the Center for Brazilian Studies there yesterday morning.

He said there is no way to overcome the current global financial without the involvement of developing countries.

He also called for reforming the UN Security Council to give the developing world more voice.

Zhou Zhiwei, secretary-general of the Centre for Brazilian Studies at the CASS, said Lula's visit also paves the way for the first summit of the BRIC countries (the others being Russia and India) to be held in Russia next month.

(China Daily)