In Brazil, Premier Li Keqiang has met with Brazilian President Dilma Rousseff in the Brazilian capital. The two sides agreed to expand bilateral trade, optimize trade structures, strengthen financial cooperation and push forward a local currency settlement for cross-border trade.

Talks between the largest developing countries in the eastern and the western hemispheres.

Premier Li Keqiang met with Brazilian President Dilma Rousseff in Brasilia.

During their talks, Premier Li suggested the two sides develop a roadmap for industrial investment cooperation, which should focus on rail, mining, electrical power and equipment manufacturing.

He said China has excess capacity and advanced equipment for infrastructure, and added that their joint industrial capacity can help Brazil’s economy and create more jobs.

The Premier said that China is to establish a $30 billion special fund for promoting China-Latin America cooperation in production capacity and equipment manufacturing.

To facilitate more bilateral trade, the Premier suggested the two sides should cooperate to settle in local currencies.

For her part, President Rousseff said Li’ s visit marks an important moment in Brazil-China relations.

She called on the two sides to enhance industrial capacity cooperation, and carry out research on the construction of a rail connecting Brazil’s Atlantic coast with Peru’s Pacific one.

After their talks, the two leaders signed a 2015-2021 joint action plan, and witnessed the inking of 35 cooperative agreements.

During a press conference with the Brazilian President, Premier Li said the two countries signed trade agreements worth $27 billion and, as two major emerging economies, these would contribute to the global economic recovery.

The Chinese Premier also viewed the groundbreaking ceremony — over a video link — for the ultra-high-voltage electricity transmission project at the Belo Monte hydroelectric dam in the north of the country.

Brazil is the first stop of Premier Li’s four-nation Latin America tour. He will also visit Colombia, Peru and Chile.