Brazilian Perception of the China-Led Belt and Road Initiative

In the past two decades, Brazil and China have deepened their political cooperation and intensified their economic relations. They have done so by founding multilateral institutions, such as BRICS and the New Development Bank. However, Brazil's policymakers have not accepted China's proposal to sign a memorandum of understanding (MoU) on the Belt and Road Initiative (BRI). This article examines why and how Brazil—China relations have evolved to high-level political and economic cooperation. We aim to understand the reasoning behind Brazil's latest foreign policy decision to not sign a MoU, whilst maintaining the desire to stay heavily involved in cooperation with China. This study draws on qualitative surveys and interviews with scholars, policymakers, government officials, and businesspeople. The main findings are: 1) Signing the BRI agreement is seen by Brazilian policymakers as a symbolic act that does not add a new substantial element to the already well-established political relationship between both countries; 2) the Brazilian market and its strong regulatory environment remain attractive to Chinese investors, despite the lack of official participation in the BRI. Thus, our research sheds light on the multifaceted nature of the Brazil-China relationship, and how it extends beyond the boundaries of the Belt and Road Initiative.