Beijing: China's President Xi Jinping announced plans to increase imports from Latin American and Caribbean countries, signaling a deepening of economic ties with the region. Xi made the announcement during his speech at the fourth ministerial meeting of the China-Community of Latin American and Caribbean States (CELAC) Forum in Beijing. The event saw participation from the presidents of Colombia, Brazil, and Chile, along with several other high-ranking officials from the region.

According to Anadolu Agency, Xi emphasized China's intention to encourage its companies to invest more in Latin America. A significant part of this initiative includes providing a credit line of 66 billion yuan ($9.1 billion) to support the region's economic growth, as detailed in the transcript of Xi's speech released by the Foreign Ministry. This move aligns with China's broader strategy to solidify its trade relationships, having traded goods valued at over $500 billion with Latin American and Caribbean nations for the first time in 2024.

Xi also unveiled a visa-free policy for Latin American and Caribbean countries, enhancing people-to-people exchanges and facilitating smoother business interactions. He highlighted the importance of global cooperation amidst a world fraught with risks, asserting that only through collaboration can nations ensure peace, stability, and shared prosperity.

Additionally, Xi expressed China's readiness to work with Latin America on a global security initiative, underscoring a broader cooperative framework. In a related development, Colombia's foreign minister revealed the country's interest in joining China's Belt and Road Initiative, indicating a potential expansion of infrastructure and economic collaboration between the regions.