Brazilian Minister of the Economy Paulo Guedes said on Monday he expects the annual value of Brazilian exports to China to reach US$100 billion within a decade, Reuters reports.

The news agency says the annual value exceeded US$60 billion in each of the last two years, and is on course to do so again this year.

The report quotes Mr Guedes as telling the International Chamber of Commerce Brazil in a speech online that in the next two years his government will privatise assets, open the economy, simplify and reform taxes, and re-industrialise the economy.

Mr Guedes said a reduction in import taxes was on the agenda, preferably as part of wider tax reform.

The minister means to open the Brazilian market for freight transport, a requirement for Brazilian membership of the Organisation for Economic Cooperation and Development, Reuters quotes him as saying.