By Eugene Nicklaus S. Laqui
A high-level summit was spearheaded in China on Tuesday, where Chinese President Xi Jinping gave a warm welcome to his counterparts from the Latin American and Caribbean region, while cementing the extensive plans of both parties for an optimistic and more stable relationship through trade.
For a brighter relation on the horizon
China has unveiled its massive plans to solidify its ties with the Latin American and Caribbean communities by improving its imported products from the region and laying down a whopping US$9 billion credit line, particularly to member nations of the Community of Latin American and Caribbean States (CELAC).
During the recently concluded meeting of the China-CELAC joint forum in Beijing, Xi said that his nation remains interested in building trade and financial relations with China’s Latin American and Caribbean partners.
He said that the move is also a testament that China will continue to tap into the massive potential of the Global South and urged other nations to follow suit and establish an international market that is more open and accommodating to all.
“Independence is our glorious tradition, development and revitalization our natural right and justice and fairness our common pursuit,” the Chinese leader said in his speech delivered to the delegates from Latin America and the Caribbean.
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Forging stronger ties with LatAm powerhouses
Xi personally welcomed the arrival of Brazilian President Luiz Inacio Lula da Silva, Colombian President Gustavo Petro and Chilean leader Gabriel Boric and vowed to aim for stronger trade and economic ties while bringing all communities together.
He said that the Chinese business community remains interested in setting partnerships with their counterparts in the Latin American and Caribbean regions and introducing both communities to a different, yet robust international market, away from the current fluctuating West-led markets.
Like his foreign counterparts, Brazil’s Lula said such long-term goals would truly benefit both parties and that would help all to contribute to a stable and reliable market, especially in the Global South.
However, he also sent a warning to Latin America and Caribbean leaders to avoid relying too heavily on the world’s top economies and to instead establish a balance by prioritising their own outputs.
US, China clamor for influence in LatAm
The race for greater influence in the Latin American and Caribbean region has never been more evident, according to some experts, with China proving its multi-billion-dollar “Belt and Road” initiative a decisive move to push out the presence of the United States.
With the current moves of the administration of US President Donald Trump to deport millions of migrants from Latin America and the Caribbean, China has seemingly swooped in to counter the “bullying” of the US, sympathising with the region.
Moreover, the Chinese government has also announced that it is planning to lift its visa policies against nations in Latin America and the Caribbean, although no official list from Beijing to confirm its decision has been released yet.
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