Representatives of the China Council for Promotion of International Trade and the Business Leaders Group of Brazil have signed an agreement with a view to increasing Chinese imports from Brazil, Agência do Brasil reports.

The news agency says the agreement was signed during a seminar held in São Paulo, which attracted about 400 Chinese and Brazilian businesspeople.

The report says the agreement entails the formation of partnerships in the supply chain to cut logistical costs, and the holding of more seminars so Chinese and Brazilian businesspeople can tell each other about their experience of Sino-Brazilian trade.

Chinese investment in Brazil amounted to US$63.5 billion in the first nine months of this year, 28.4 percent more than in the equivalent period last year, Agência Brasil says.