Complementary Cooperation

Avocados from Colombia, soybeans and beef from Brazil, as well as cherries and wine from Chile, all these products from Latin America are well known to Chinese consumers. Their growing import helps China diversify its sources, and also bolsters the confidence of countries in Latin America and the Caribbean (LAC) in China as an export destination.

Despite their geographic distance,China and the LAC are each other’s major trading partner. In addition to the import of farm produce from LAC countries, China has also increased its investment and loans in the region, as well as participation in energy projects and infrastructure projects such as harbors, railways and expressways. Since the emergence of the COVID-19 pandemic, in particular, funds from China have provided them with support and impetus for economic recovery.

China attaches great importance to its relations with LAC countries and is determined to advance the relations from a strategic and long-term perspective.

China and the LAC region have a sound foundation for common development. The latter has competitive advantages in farm produce, forest products, food, natural resources and energy, while China is the world’s second largest consumer market with huge demand for primary products.

In particular, after China took the lead in resuming economic growth after the initial effects of the pandemic, its domestic industrial and supply chains have remained stable and its domestic demand continues to recover, creating favorable conditions for China-LAC trade to remain resilient. During the pandemic, the potential for collaboration between the two sides in medical supplies,COVID-19 vaccines and e-commerce has been unleashed, adding new vitality to their economic and trade ties.This vitality will be sustained in the post-pandemic era.

More than 20 LAC countries have joined the China-proposed Belt and Road Initiative, through which more potential will be tapped. Also, China has laid out its goals and roadmaps for carbon peaking and neutrality to guide its eco-conscious development,making it possible for China and LAC countries to intensify cooperation in related sectors. BR