Brazil Roundup: China ties, $1 billion tech investment, trade cooperation with Russia 

Lula deepens Brazil-China ties with over 30 agreements during state visit

Brazilian President Luiz Inácio Lula da Silva signed more than 30 bilateral agreements with Chinese President Xi Jinping on Tuesday, May 13, in Beijing. The deals include Chinese investment in Brazil’s mining sector, transport infrastructure, ports, and the purchase of Embraer jets. Both countries also agreed to cooperate on artificial intelligence, climate action, and initiated a $157 billion currency swap between their central banks to ensure market liquidity over five years. The agreements reflect Brazil’s growing economic alignment with China amid ongoing U.S.-China trade tensions.

U.S. urged to support Latin American industry as Brazil plans data centre policy

Brazil's Finance Minister Fernando Haddad stated on Monday, May 12, that the United States should adopt a more supportive stance toward industrial development in Latin America and South America, emphasizing that the U.S. has "much to gain" from deeper regional engagement. In an interview with UOL, Haddad clarified that President Luiz Inacio Lula da Silva will pursue a multilateral foreign policy and will not align exclusively with either the United States or China. He noted that China remains Brazil’s top trading partner, while the United States leads in technological innovation—both relationships considered essential to Brazil’s strategic interests.

Beijing-based Meituan to invest $1 billion in Brazil to launch food delivery app 

Chinese tech giant Meituan announced plans to invest $1 billion over five years to introduce its food delivery service in Brazil. The initiative is part of the company’s broader global expansion strategy following its recent entry into the Middle East. The Beijing-based firm will launch its Keeta food delivery app in Brazil within the coming months. The announcement followed the signing of an investment agreement on Monday during a forum involving Brazilian and Chinese businesses. The signing was overseen by Brazilian President Luiz Inacio Lula da Silva and Meituan CEO Wang Xing.

Lula seeks to balance Brazil-Russia trade, expand cooperation in energy and critical minerals

During an official visit to Russia on May 10, President Luiz Inácio Lula da Silva stated that a key objective of his bilateral talks with President Vladimir Putin was to address Brazil’s trade deficit with Russia and explore opportunities in energy transition and critical minerals. President Lula noted that Brazil faces a trade deficit of approximately $11 billion within an annual trade flow of nearly $12 billion with Russia. He emphasised the importance of balanced trade, describing it as a two-way relationship based on mutual benefit. He also highlighted Russia’s role as a strategic partner in oil, gas, and small nuclear reactors, describing the latter as a promising technology for ensuring a long-term energy supply. 

Brazil, China to sign $27.69 billion currency swap deal 

Brazil’s central bank announced on Monday it will sign a currency swap agreement with the People’s Bank of China, valued at up to 157 billion reais ($27.69 billion) over a five-year term. The agreement will be formalised on Tuesday in Beijing during central bank governor Gabriel Galipolo’s visit. Its purpose is to provide liquidity and stabilise financial markets during periods of stress. The move further strengthens economic ties between Brazil and China and follows the announcement of over $4.5 billion in planned Chinese investments across key Brazilian industries.