Olympic stadium in Beijing, China, for the 2008 summer olympics, so-called "the nest" made of steel; architectural designed by Herzog & deMeuron
China and Brazil announced the signing of trade deals aimed at enhancing trade and energy cooperation. This comes out of the recent BRIC summit held in Yekateringburg, Russia. While the summit was shortened due to the earthquake in Western China, this agreement is slated to be China’s biggest investment in Brazil and also China’s biggest foreign investment in the steel industry.
The deal is estimated to include a $5 billion steel plant in Brazil, and it hinted that China will bid on the rights to construct Brazil’s high speed rail link between Rio De Janeiro and Sao Paulo. All of this is part of five year action plan which builds on Brazil becoming China’s top trade partner in 2009.
Also stemming from the meeting, the BRIC countries, Brazil, Russia, India and China called for their group to have greater influence in the World Bank, International Monetary Fund and other such global financial institutions. They stressed that together BRIC has about 40 per cent of the world’s population along with noting the significance of emerging markets during the financial crisis, they should have more say in global financial matters.
To read more about the summit check out these articles:
China, Brazil sign deals at shortened BRIC summit
China and Brazil sign trade deals at Bric summit
Photo by nozoomii
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