A cargo ship loaded with soya beans from Brazil prepares to unload at Yangpu port in the Yangpu Economic Development Zone in Danzhou, South China's Hainan Province, July 2022. Photo: Xinhua

China is willing to explore investment opportunities in new energy, the digital economy, 5G and other emerging areas with Brazil, on the basis of consolidating cooperation in traditional areas, China's Vice Minister of Commerce Wang Shouwen said at a meeting with visiting Brazilian officials in Beijing on Tuesday.

Wang, who is also the China International Trade Representative, co-hosted the 9th meeting of the Economic and Trade Subcommittee of China-Brazil High-level Coordination and Cooperation Committee with Marcio Elias Rosa, deputy minister and executive secretary of Brazil's Ministry of Development, Industry, Commerce and Services.

Leaders of the two countries held a meeting in April, reaching a number of significant agreements, and charting the course for the development of bilateral economic and trade ties, Wang said.

Cooperative breakthroughs have been made in fields such as trade and investment. China is willing to seize the opportunity, strengthen strategic alignment with Brazil, explore cooperation potential and promote high-quality development in trade, Wang vowed.

China is willing to continue to strengthen dialogue and cooperation with Brazil under the World Trade Organization, the G20, BRICS and other platforms, jointly sustain the multilateral trading system, safeguard the interests of developing countries, and make new contributions to the global economic recovery, stabilize industry and supply chains and the open global economy, Wang stressed.

China and Brazil are important emerging markets, and Brazil attaches great importance to the development of economic and trade cooperation with China, Rosa said.

Brazil hopes to fully leverage the mechanisms of the Economic and Trade Cooperation Subcommittee, strengthen alignment between Brazil's New Growth Acceleration Program and China's development plans, and facilitate increased exports of Brazilian products to China, he noted.

Brazil welcomes more Chinese companies to invest in the South American country and aims to continually deepen investment cooperation in both traditional and emerging sectors, Rosa said.

In the first 10 months of the year, bilateral trade stood at 1.038 trillion yuan ($145.4 billion), up 8.2 percent year-on-year, per data from China's General Administration of Customs.

Besides deepening cooperation in bilateral trade, the two countries have also ramped up efforts to promote local currency settlement. China and Brazil signed a memorandum of understanding on cooperation to promote local currency trade in April and have realized full-process, closed-loop transactions in both countries' local currencies for the first time, according to a report by China News Service on October 2.