China enters trade negotiations with Brazil

China has entered into negotiations with Brazil on removing barriers to allow more processed agricultural goods trade, the Financial Times reported. Chen Deming, the Chinese commerce minister, is said to have given Brazilian officials a list of 10 processed agricultural goods last week that China is interested in importing. Analysts say the current trade relationship is mainly composed of commodities exports: Iron ore, soybean and petroleum make up about 80% of Brazil’s total exports to China. The move could lead to more value-added products being exported from the Latin American country. “The relationship with China is so unbalanced, not in terms of value but in terms of what we trade,” the paper quoted a trade official as saying. “The Chinese acknowledged this and said they will make an effort to change this.”