China-Chile continue to boost bilateral trade ties

CCTV News

China-Chile continue to boost bilateral trade ties Photo from Xinhua

President Xi Jinping is in Chile for the last leg of his tour to three Latin American countries. China is Chile’s biggest trading partner, a relationship built in part on a free trade agreement dating back more than a decade.

CCTV America’s Paulo Cabral has this report.

China-Chile continue to boost bilateral trade ties

China-Chile continue to boost bilateral trade ties

President Xi Jinping is in Chile for the last leg of his tour to three Latin American countries. China is Chile’s biggest trading partner, a relationship built in part on a free trade agreement dating back more than a decade. CCTV America’s Paulo Cabral has this report.

The visit of President Xi Jinping is expected to boost this relationship even further. The Chinese head of state and the Chilean President, Michelle Bachelet, had a private meeting that lasted more than an hour before heading to a public ceremony to participate in the signing of 12 bilateral agreements, including one to build on the FTA and other treaties between the two countries.

“We have agreed to upgrade the Chile-China relationship to the level of full strategic association and with this open a new chapter in the ties between Chile and China,” said Xi Jinping, the President of China.

For the Chinese – coming to Chile is a bit like visiting an old friend.

This was the first country in South America to establish diplomatic relations with the People’s Republic of China – in 1970 – and also the first in the region to sign a free trade agreement with China, in 2005.

President Bachelet thanked China for its support of the successful bid to host a meeting of the foreign-ministers from China, Latin America and the Caribbean in January 2018.

In the 10 years since the Free Trade Agreement between China and Chile was signed, trade has more than tripled. Both sides have made it clear during this visit the bilateral relationship still has much more to offer.


President Xi visits Latin America, encouraging free trade

U.S. President-elect Donald Trump’s tough talk about trade and immigration with its southern neighbors has not gone unnoticed around the world. The Chinese seem to be working hard to strengthen their connections to Latin America, once called America’s backyard. The visit of President Xi Jinping to the region was another chapter in a potential geopolitical shift. CCTV’S Paulo Cabral reports the story.

President Xi visits Latin America, encouraging free trade

President Xi visits Latin America, encouraging free trade

U.S. President-elect Donald Trump's tough talk about trade and immigration with its southern neighbors has not gone unnoticed around the world. The Chinese seem to be working hard to strengthen their connections to Latin America, once called America's backyard. The visit of President Xi Jinping to the region was another chapter in a potential geopolitical shift. CCTV'S Paulo Cabral reports the story.

Three countries in six days – including a meeting of APEC leaders. Chinese President Xi Jinping had a busy schedule during his tour of Ecuador, Peru and Chile – but apparently a very productive one.

This is the third time President Xi has visited Latin America since 2013, bringing the total of countries visited to 10. It’s a display of Chinas’ continued interest in developing connections to the region.

Over the last 10 years, China has displaced the United States as the main trade partner in several Latin American countries, like here in Chile and also in Peru. In other nations, China has become a key foreign investor, as in the case of Ecuador.

The Chinese-funded Coca Codo Sinclair hydroelectric is a prime example of several infrastructure projects built in Ecuador with the backing of China. It’s the biggest in the country, and it generates a third of Ecuador’s energy needs.

“China is the main source of financing worldwide, and its relation with Ecuador serves as reference to other countries in the region. Chinese funding has helped us to change the shape of the energy generation and of the productive structure in our country,” said Rafael Correa, the President of Ecuador.

In Peru, the highlight of Xi’s visit was the APEC leaders meeting. It was an important gathering particularly because President-elect Donald Trump has talked about reducing the role of the U.S. in international forums – a view opposed by China.

“We ought need to commit ourselves to build a community with a shared future. And that should oblige us to come closer together than move apart. We ought to continue deepening and expanding the cooperation in our region,” said the President of China Xi Jinping.

Chile was the last stop by the Chinese President. The two countries have a long standing free trade agreement, which has already tripled exports and imports between the two sides of the Pacific in the past decade.

The Chilean president said her country has been taking steps to attract more Chinese investment.

“In May this year, the China Construction Bank was authorized to operate in Chile which will open the way for them to invest in infrastructure in our country and will also facilitate financial exchanges between us,” said Michelle Bachelet, the President of Chile.

Chinese ties with Latin America have been growing steadily. And this latest visit of the Chinese president to the region shows there is still much more expected.