China and Brazil are to launch a US$20-billion fund to enhance their co-operation in economic productivity and as part of the strengthening of bilateral relations, Chinese official news agency Xinhua reported.

It is one of the agreements signed in Brasília at the fourth meeting of the China-Brazil High-Level Coordination and Cooperation Committee, chaired by Chinese Vice Premier Wang Yang and Brazilian Vice President, Michel Temer.

“Bilateral investment co-operation has entered the fast track, and two-way exchanges in such fields as science and technology, education, culture, tourism and sports have also been revving up,” Mr Wang was quoted as saying.

Mr Temer said the two nations had “become increasingly close”, adding that Brazil is “willing to work with China to expand bilateral trade and investment and boost co-operation in such key areas as production capacity and infrastructure construction”.

Apart from the creation of the fund, the two sides have also agreed to compile a list of priority areas and projects in boosting co-operation on economic productivity as well as a special work group to boost trade in services.

China would also increase imports of internationally competitive Brazilian products, including manufactured goods. China would also welcome further registrations of qualified Brazilian meat producers seeking to export to China, Xinhua reported.

Chinese Premier Li Keqiang visited the South American nation last month, signing 35 trade and investment deals worth US$53 billion.