Belt and Road Initiative consolidates China-Latin America cooperation

The Belt and Road Initiative (BRI), proposed by China, is consolidated as one of the main projects in favor of shared benefits with Latin America.    

The BRI began in 2013 as a connectivity and infrastructure construction plan initially aimed at Central Asia, although it has become a strategic plan to link and increase economic, financial, cultural, scientific, educational, and other types of cooperation between nations from Asia, Africa, and Europe.

During the last decade, China has strengthened the link with the existing regional and international mechanisms, in order to establish cooperation dialogues on the Belt and Road. This has allowed it to achieve a high degree of institutionalization of the initiative, which already has the support and endorsement of the UN, the G20, ASEAN (Association of Southeast Asian Nations), CELAC, and other mechanisms.

However, the conclusion of bilateral agreements between China and the participating government has taken priority in its relationship with Latin America and the Caribbean (LAC).

As part of its strategy, Beijing has favored agreements related to the development of infrastructure (construction of railways, roads, ports, oil and gas pipelines), to improve the international transportation system and strengthen hydrocarbon distribution chains.

The fact that China has included LAC within the initiative as a natural extension of the 21st century Maritime Silk Road, was celebrated by most Latin American nations and regional organizations.

The BRI translates into opportunities for the region to diversify exports,concentrated on natural resources, to the important Chinese market.

Beijing currently maintains the premise of an inclusive BRI, without political conditions, based on mutual benefit and multilateralism. The Third Belt and Road Forum for International Cooperation is held under these principles, and the results of the three thousand cooperation projects signed between 150 member nations will be evaluated within it.