During the official visit of Brazilian President Luiz Inácio Lula da Silva to China, China and Brazil signed a series of bilateral agreements allowing Brazil to export five categories of agricultural and livestock products to China. These market access agreements were signed on May 13th, permitting Brazil to export duck meat, turkey meat, chicken by-products (such as hearts, livers, and gizzards), corn ethanol industry by-products, and peanut meal to China.

Market opening refers to the process where a country or economic group allows foreign products to enter its domestic market. This typically involves overcoming trade barriers such as sanitary and phytosanitary requirements and signing relevant agreements through bilateral or multilateral negotiations to achieve market access.

According to Zhongjin's understanding, during the official visit of the Chinese delegation to Brazil, China also officially approved market access for the import of wild-caught Brazilian aquatic products, a negotiation that has been ongoing since 2016. The Brazilian Ministry of Agriculture estimates the potential of this market opening in China to amount to a total of up to $20 billion.

Furthermore, the Brazilian government signed an agreement with the National Energy Administration of China (NEA) aimed at promoting Brazilian ethanol exports to China. According to the memorandum, the two sides will establish a working group to collaborate on the development and innovation of first and second-generation ethanol technologies to address China's E10 (10% ethanol blend) policy in gasoline.

Both countries will collaborate on regulatory framework development and coordination, promoting bilateral investments and cooperation, technology capacity building, and more. The working group will also cover other advanced fuel and application areas such as sustainable aviation fuel (SAF) production and usage, alternative marine fuels, etc. During the visit, the Brazilian Minister of Mines and Energy signed an agreement with the National Energy Administration of China to promote technological development and investments, aiding in the energy transition.