🚀 **China and Latin America Celebrate Two Decades of Thriving Trade!**
Over the past 20 years, the trade relationship between the Chinese mainland and Latin American and Caribbean (LAC) countries has skyrocketed, marking a new era of equality, mutual benefit, and innovation. Guided by head-of-state diplomacy, China has become the second-largest trading partner for the LAC region, with bilateral trade growing rapidly for seven consecutive years.
🎉 **20 Years of Free Trade Agreements**
2024 marks the 20th anniversary of the first free trade agreement (FTA) between China and LAC countries. Since 2005, China has signed five FTAs with Chile, Peru, Costa Rica, Ecuador, and Nicaragua, enhancing the scope and quality of trade cooperation. These agreements have streamlined trade processes, reduced tariffs, and opened up new markets, benefiting businesses and consumers on both sides.
📈 **Impressive Trade Growth**
Bilateral trade has seen remarkable growth. For instance, since the China-Chile FTA came into effect in 2006, trade between the two countries has surged to $61.66 billion in 2024, an 8.6-fold increase. Chinese imports of Chilean wine have skyrocketed 13-fold, while Chilean cherries have become a favorite in Chinese markets.
Similarly, the China-Peru FTA, effective from 2010, has boosted trade to $43.36 billion in 2024, seven times the 2010 figure. Peruvian blueberries, grapes, and avocados are now staples in China, while Chinese smartphones and vehicles enjoy widespread popularity in Peru.
🌟 **New Opportunities and Future Prospects**
In 2024 alone, China has expedited FTAs with Honduras and made significant strides with El Salvador. The China-Nicaragua FTA, effective January 1, 2024, saw a 46.8% increase in bilateral trade within the year, with Chinese goods flooding the Nicaraguan market at competitive prices.
Looking ahead, China's role as the rotating chair of the Regional Comprehensive Economic Partnership (RCEP) and Chile's application to join promises even greater cooperation and growth opportunities. The shared commitment to opening up and reform ensures that the China-LAC community will continue to thrive and innovate together.
🌍 **Building a Shared Future**
As China and LAC countries stand at this historical milestone, the focus remains on strengthening free trade cooperation to deliver more benefits to people on both sides. By leveraging their unique strengths, China and LAC nations are steering towards an even brighter and more prosperous future together.
