Chinese PresidentXi Jinping began his week-long diplomatic visit to Latin America on Thursday with the virtual inauguration of Chancay Port in Peru. The $1.3 billion project, funded by China, is expected to become a major trade hub between South America and Asia. Xi described the port as a “key maritime centre for trade between South America and Asia” and stated that it would serve as the starting point of an “Inca Trail of the New Era.”
Located about 80 kilometres north of Lima, Chancay Port is expected to reduce shipping times between South America and Asia from 40 days to 23, with an economic impact projected at $4.5 billion annually and the creation of 8,000 jobs. Xi highlighted the port’s regional importance, saying, “It will help build an Inca Trail of the New Era with Chancay Port as its starting point, thus boosting the overall development and integration of the region.”
The inauguration took place as Xi participated in the Asia-Pacific Economic Cooperation (APEC) summit in Lima, where he delivered remarks emphasising multilateralism and globalisation. “We should see to it that economic globalisation generates more positive outcomes and is taken to a new phase that is more dynamic, inclusive, and sustainable,” Xi said during his address. He also underscored the importance of collaboration, stating, “The Asia-Pacific miracle was built on openness and cooperation. We must continue to uphold these principles.”
Chancay Port is part of China’s broader efforts to strengthen economic ties with Latin America under the Belt and Road Initiative (BRI). Xi noted the project’s potential to enhance trade links, commenting, “The Chancay-Shanghai route will promote deeper economic ties and create opportunities for mutual benefit.” Peru has been a key partner for China in the region, with the two countries strengthening their free trade agreement earlier this year. Peru has also counted China as its largest trading partner for the past decade.
China’s economic footprint in Latin America has grown steadily, with bilateral trade reaching $485.7 billion in 2022, a 7.7 percent increase from the previous year. Xi highlighted the importance of this relationship, stating, “China and Latin America enjoy strong economic complementarities. Their development strategies are mutually aligned, and they have natural advantages for strengthening cooperation.”
As part of his visit, Xi will also attend the Group of 20 (G20) summit in Rio de Janeiro, where he is expected to discuss global economic governance. His remarks at APEC emphasised the need for innovation, stating, “Advances in science and technology should benefit all of humanity,” and for inclusive development, noting, “True development means common development of all countries.”
Cultural exchanges have also been a focus of China-Latin America relations. Xi has often underscored their importance, stating, “People-to-people amity is vital to sound state-to-state relations.” Initiatives like the China-Latin America Cultural Exchange Year and 180 sister-city partnerships have played a significant role in fostering these ties. Xi’s longstanding connection to the region dates back to 1996, when he visited Brazil as a provincial official, laying the foundation for partnerships that continue to grow.
The port, which can handle up to 24,000 containers, is expected to serve as a distribution hub for South America and Asia, boosting trade in countries like Chile, Ecuador, and Colombia. “Through joint efforts of both countries, Chancay Port will be a success,” Xi said, adding that it represents a step forward in “common development and shared prosperity.”
The visit comes amid heightened geopolitical scrutiny of China’s growing influence in Latin America. However, Xi has positioned China’s investments as opportunities for mutual growth. “China and Latin America are good friends and partners, marching forward hand in hand,” he said.
The Chancay Port project and Xi’s participation in APEC and the G20 highlight China’s continued engagement with Latin America as a key region for economic and cultural collaboration.
While China’s relations and collaboration with the Global South is improving, EU has adopted a policy of foreign relations and trade subservient to the United States, focused on confrontation, and trade war, instead of collaboration with China.
In late October 2024, Finnish President Alexander Stubb conducted a state visit to China, marking the 74th anniversary of diplomatic relations between the two nations. During his meeting with Chinese President Xi Jinping, discussions centred on enhancing bilateral trade, green energy cooperation, and sustainable development. Stubb emphasised Finland’s commitment to the one-China policy and expressed a desire to deepen practical cooperation in various sectors. This visit underscores the European Union’s multifaceted approach to China, balancing economic collaboration with strategic considerations.
HT
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Publish date : 2024-11-16 21:49:00
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Author : theamericannews
Publish date : 2024-11-17 12:33:50
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