Following talks between visiting Chinese Premier Li Keqiang and Brazilian President Dilma Rousseff, the two sides agreed to form a working group under the trade subcommittee of the China-Brazil High-Level Coordination and Cooperation Committee to promote services trade.

The existing working group for investment will continue to promote two-way industrial investment.

The two sides pledge to further facilitate bilateral cooperation on a range of goods and activities including food processing, renewable energy, agriculture, animal husbandry and services.

Bilateral investment and cooperation will be strengthened in infrastructure, logistics, energy, mining, manufacturing and agriculture trade, it added.

In the statement, the two countries vowed to expand the beef, pork and poultry trade.

The two sides agreed to conduct regular consultations on respective macro-economic policies as well as international and regional financial issues, hailing the progress toward establishing a BRICS development bank and a contingent reserve arrangement.

The agreement came during an official visit to Brazil by Premier Li, who arrived in Brazil on Monday as the first stop of his four-nation Latin America tour, his first to the region since he assumed premiership in 2013.

Mr Li will also visit Colombia, Peru and Chile.