China-LAC economic partnership thrives with expanding cooperation

China

China-LAC economic partnership thrives with expanding cooperation

2024-06-27 01:39 Last Updated At：09:07

The economic partnership between China and Latin American and Caribbean (LAC) countries continues to thrive as cooperation expands and deepens, yielding fruitful results.

China's trade relationship with Latin America is going strong. Free trade agreements have been the backbone of commercial ties for two decades. China has become the first trade partner for nearly every country in the region.

At a time of historic Chinese engagement in Latin America, five countries in the region have free trade agreements with the Asian powerhouse.

Bilateral trade between China and the region went from 12 billion U.S. dollars in 2000 to 315 billion U.S. dollars in 2020.

Two of the countries that have benefited perhaps the most from having a free trade agreement with China are Chile and Peru.

"China has been a trade partner for Peru for many years. If you see a 20-year span, our exports have multiplied by 20 in the last 20 years, so every year Peruvian export has been increasing in a very interesting growth rate," said Monica Com, partner at Macroinvest.

Trade between Peru and China has experienced a significant surge, with the value doubling from 2012 to reach 33 billion U.S. dollars in 2022.

Since the late 2000s, Peru has steadily built up more than 20 other bilateral deals for its export-heavy economy - most of them in the Asia Pacific region.

"Free trade agreements have changed the face of Peru for the better. Exports really change lives and that is what has happened in Peru, especially in the agro-industrial sector, as well as in other sectors. 20 years ago, the agribusiness sector exported 900 million U.S. dollars, now it exports 10 billion U.S. dollars, 10 times more. This is significant because it has encouraged more formal employment," said Julio Perez Alvan, president of Peru's Exporters Association (ADEX).

As of 2022, the trade volume between China and Latin America reached a historic high of more than 480 billion U.S. dollars.

China-LAC trade, which reached 480 billion U.S. dollars in 2022, showed signs of a downturn, reaching 400 billion U.S. dollars by September 2023, according to Merco Press.

Experts said that thanks to the Belt and Road Initiative and free trade agreements, the figures could grow even more in the coming years.

54th OAS General Assembly held in Asuncion, with focus on regional security

2024-06-29 22:29 Last Updated At：23:07

The 54th General Assembly of the Organization of American States (OAS) was held in Asuncion, Paraguay from Wednesday to Friday, with a focus on integration and security for the sustainable regional development.

Attending the assembly were representatives from OAS member states, 74 permanent observers and some civil society organizations.

Under the theme of "Integration and Security for the Sustainable Development of the Region," the delegations expressed their pleas for peace, democracy, equality and multilateral work among countries.

Hours before the opening ceremony in Asuncion, the situation in Bolivia, a neighboring country to Paraguay, was top on the agenda.

According to the Bolivian government, Gen. Juan Jose Zuniga on Wednesday led the attempted coup in Palacio Quemado, the government palace, which is located in Murillo Square in the city of La Paz, in a failed bid to oust President Luis Arce from office.

"We do have a very deep concern about the indigenous people in Bolivia, and hopefully this coup d'etat that didn't happen, that things go smoothly," said Clement Chartier, former president of the World Council of Indigenous Peoples.

The assembly also dedicated its statements to the improvement of democracy in Haiti and also to the promotion of human rights throughout the continent. A resolution was approved for continued efforts toward the immediate restoration of security, and the strengthening of humanitarian aid in Haiti.

Haiti has long suffered serious political and social crises, especially after then President Jovenel Moise was assassinated in 2021. There are around 200 armed gangs in the country disturbing the social order. The rise of armed gangs, the surge of violence incidents and the increase of lynching cases have forced Haitians to live in humanitarian disasters in terms of safety, health care and food supplies.