Visiting Chinese President Hu Jintao hoped that annual trade between China and Brazil would grow to 20 billion US dollars within three years, doubling the current level.

The Chinese president, who is on a state visit to Brazil, expressed the hope here Friday at a seminar on Sino-Brazilian economic and trade cooperation.

He said that doubling the trade volume is a joint task for the two major developing countries and constitutes an important part of their strategic partnership.

Bilateral trade and economic cooperation has been growing fast over the years. In particular, trade in the first nine months of this year totaled 9.3 billion US dollars, which was 58.4 percent higher year-on-year and more than that for the whole year of 2003.

Hu told both Chinese and Brazilian businessmen attending the seminar that they should expand the area of cooperation from trade to agriculture, energy, mineral resources, space, information technology and infrastructure construction.

The Chinese president also urged the two governments to create a better environment for cooperation, including streamlining the procedures for trade and investment and providing better legal services.

As to the problems arising from the growing trade, Hu said, the two sides should resolve them through negotiations. China and Brazil should also strengthen cooperation in the World Trade Organization and other multilateral organizations.

China and Brazil signed a memorandum Friday, in which Brazil recognizes China's status as a full market economy. Brazilian President Luiz Inacio Lula da Silva said the recognition demonstrates the strategic partnership has rich contents.

Also on Friday, Hu met with presidents of the two chambers of the Brazilian National Congress and president of the supreme tribunal.

Source: Xinhua