For now, Brazil says no – but yes.

Observers say the announcement reflects divisions within the Brazilian administration over the initiative, but is unlikely to affect ties with China, its largest trading partner, as it seeks a framework that best meets his needs.

Before the announcement, there was hope that Brazil would join the initiative during Chinese President Xi Jinping’s visit to the Latin American country this month.

Amorim, alongside chief of staff Rui Costa and Gabriel Galípolo, head of Brazil’s Central Bank, traveled to Beijing last month to prepare the ground.