Illustration: Chen Xia/GT
Brazilian President Luiz Inacio Lula da Silva revealed a plan for Brazil to join the Belt and Road Initiative (BRI) during an event on Friday,
according to a report by the South China Morning Post. This announcement signals a positive shift in Brazil's stance toward the significant global cooperation initiative.
As an important emerging market, Brazil's potential involvement in the BRI, an important international cooperation initiative promoting economic cooperation and connectivity among countries and contributing to the common prosperity of the world, is expected to enhance Brazil's economic and trade relations with China, as well as bolster Brazil's economy.
Discussions between Brazil and China on advancing BRI cooperation have been ongoing for many years. Lula's announcement comes as China and Brazil are continuously enhancing economic and trade cooperation. In June, Brazilian Vice President Geraldo Alckmin visited China, expressing willingness to enhance cooperation in infrastructural construction, agriculture, mining, new-energy vehicles and climate change response.
The latest encouraging announcement by the Brazilian president indicates that both countries are committed to enhancing their robust bilateral economic and trade relations to new heights, even as Western media outlets are relentlessly discrediting the BRI and hyping Western countries' geopolitical interference in the mutually beneficial cooperation.
With the joint efforts of both sides to promote bilateral and mutually beneficial economic and trade cooperation, trade between China and Brazil has formed a positive development trend. China is Brazil's largest trading partner and export destination. There is still great potential for growth in China-Brazil trade.
The joint construction of the BRI is an international cooperation platform to promote the inclusive and beneficial development of economic globalization. The cooperation concept advocated by it is highly compatible with Brazil's efforts to promote infrastructure construction and economic development. If Brazil joins the BRI, its infrastructure and economic development strategies will usher in significant opportunities and obtain tangible benefits.
The level of infrastructure development in Brazil is in dire need of improvement. Overcoming the bottlenecks has long been a challenge in the country's economic development.
Brazil's infrastructure investment gap remains large due to high demand. Brazil must invest $778 billion (or 3.7 percent of GDP per year) to bridge its infrastructure gap by the Sustainable Development Goals deadline of 2030, according to a World Bank report. Efforts to address this issue are urgently needed to support Brazil's continued growth and development.
China's expertise and advanced technology in infrastructure development make it a valuable partner for Brazil. The potential for collaboration in this area is promising, with opportunities for mutual growth and development.
By participating in the BRI, Brazil stands to benefit from enhanced connectivity, increased trade opportunities and improved financial integration, which can help Brazil obtain more financial investment to develop its infrastructure. The bottlenecks of Brazil's economic development can be resolved and bring greater support to its economy.
Although there is great potential for cooperation, Brazil's move to join the BRI may also face challenges and external interference. In particular, some Western countries are expected to continue their geopolitical games and interfere in win-win cooperation between Brazil and China.
However, facts prove that the BRI pursues win-win cooperation instead of antagonism, and has gained increasing recognition worldwide. Brazil's interest in joining the BRI demonstrates that it is not swayed by unfounded criticism from Western countries and is committed to making independent decisions that benefit its own development.
Hopefully, the deepening economic and trade cooperation between China and Brazil can yield more positive outcomes as they mark the 50th anniversary of diplomatic relations this year.
The author is a reporter with the Global Times. [email protected]
