China, Brazil ink trade agreements

China and Brazil on Tuesday signed a raft of agreements intended to boost the trade relationship between the two countries, the Financial Times reported. The agreements, signed between Chinese President Hu Jintao and Brazilian President Luiz Inacio Lula da Silva in Beijing, would see China lend up to US$10 billion to Brazil’s state-owned oil firm Petrobras. In exchange, Brazil promised to provide 200,000 barrels a day of oil to Chinese oil refiner Sinopec for the next 10 years. China also promised to lift restrictions on Brazilian chicken imports and expand the number of Brazilian states allowed to sell beef to China. The two countries also signed agreements on the joint launch of satellites and biofuel exports to China.