Brazil and South Korea Sign Common Prosperity Deal

The presidents of Brazil and South Korea, Luiz Inácio Lula da Silva and Roh Moo-Hyun, met yesterday in BrasÀ­lia and signed a memorandum of understanding on energy and mineral resources.

According to the director of the Department of Asia and Oceania at the Ministry of Foreign Relations, Edmundo Fujita, the two presidents also discussed bilateral investments and trade.


They also consolidated a bilateral agreement known as the “Broad Relationship of Cooperation for Common Prosperity in the XXI Century,” which covers areas seen as strategic by both countries, such as information technology, natural resources and science and technology.


“As Brazil seeks to discover Asia, Asia seeks to discover Brazil,” declared Fujita, referring to the fact that the Roh Moo-Hyun visit occurred just after the departure of the president of China, Hu Jintao, and will be followed by the arrival, today, of the president of Vietnam, Tran Duc Luong.


Among Brazil’s Asian trade partners, South Korea is the third biggest (behind China and Japan).


Bilateral trade from January to September of this year reached US$ 2.3 billion, with Brazil running a trade deficit with South Korea.


Most Brazilian exports to South Korea are of low aggregate value (mainly raw material), while South Korean imports are of high aggregate value (mostly manufactured goods).


South Korea has made large investments in Brazil; for example, its Samsung (electronics) and Hyundai (autos) factories.


Agência Brasil
Translator: Allen Bennett

Tags:

Ads

You May Also Like

Brazil’s Domestic Debt Is Out of Control, Says Expert

In recent years Brazil’s foreign debt has been falling, while domestic debt has been ...

Education Secretary in Brazil Gets F in Geography and Pink Slip

In Brazil, the governor of the richest Brazilian state, São Paulo, sacked the Secretary ...

Lula’s Favorite Gets Face Lift Before Running for Brazil’s Presidency

Brazilian president Luiz Inácio Lula da Silva had already shown its preference. Now the ...

Don’t Expect Lower Interest Rates, Warns Brazil’s Finance Minister

Guido Mantega, the Finance minister of Brazil, told reporters this Tuesday, September 2, that ...

Brazil’s New Anti-Corruption Law Scares Politicians and Jurists

Brazil’s Clean Criminal Record (Ficha Limpa) aims to moralize Brazilian politics, establishing some ethical ...

Foot and Mouth Disease Spreads to Another State in Brazil

Forty cattle farms in the southern Brazilian state of Paraná, which borders with Paraguay ...

In Brazil, Rich or Poor, We’re All Prisoners

An old adage stated, “Brazilian, profession hope.” Today, it would be more correct to ...

Brazil's Amazon Secrets

Brazil’s Cosmetic Industry to Get US$ 4.4 Million in Italian Deals

Close to 20 companies from Brazil exhibiting at Cosmoprof Bologna, in Italy, between Mach ...

Brazil Moves Fast to Change Election Laws

A Federal Elections Court (TSE) commission made up of Brazilians jurists and experts has ...

Brazil’s PT, a Party Without Honor and Without a Cause

During the first 30 months of the Workers Party (PT) government in Brazil, few ...