(Yicai Global) Aug. 2-- China and Brazil signed a two-year cooperation plan on services and trade in Shanghai during the 7th Meeting of the BRICS Trade Ministers yesterday. BRICS is the grouping of five major emerging and developing economies, namely, Brazil, Russia, India, China and South Africa. 

Wang Shouwen, vice minister of China's ministry of commerce and Marcelo Maia, secretary of Brazil's ministry of industry, foreign trade and services signed a "Memorandum of Understanding (MOU) on Service and Trade Cooperation between Ministry of Commerce, People's Republic of China and Ministry of Industry, Foreign Trade and Services, Brazil" (Two-year Action Plan), China News Service reported.

Based on the action plan and principles of equality and mutual benefit, both countries will strive to strengthen and develop cooperation on services and trade in the fields of building, engineering consulting, engineering construction, information technology, e-commerce and banking automation, tourism, culture and traditional Chinese medicine. China and Brazil will take turns to hold meetings of service and trade promotion working group, and strengthen mutual communication and interaction.

The ministry of commerce said the two-year action plan will serve win-win cooperation in services and trade for both countries, and will benefit BRICS members to reinforce service and trade cooperation. One of the key topics to be discussed by the BRICS trade ministers will focus on formulating a route map for service and trade cooperation among BRICS economies.

"We believe the cooperative agreement can play an important role in pushing Brazil-China trade development," Marcelo Maia said, "We are looking forward to achievements of this gathering."

The trade cooperation between China and Brazil develops fast. China is the largest trade partner and destination country for Brazil's exports, while Brazil is the largest trade partner of China in Latin America.