As China’s trade investments with the Caribbean and Latin America continue to increase, experts predict that it could surpass the United States as the main trading partner of these regions within the next few years, including Antigua and Barbuda
This growth is largely attributed to the Belt and Road Initiative (BRI), which extends to Latin America and the Caribbean.
Analysts predict that China’s trade with Latin America and the Caribbean could surpass $700 billion by 2035, with China becoming the region’s top trading partner.
The BRI offers an opportunity for countries to develop while maintaining their autonomy, and it continues to be well-received globally.
In fact, almost 75% of the world’s population and more than half of the world’s GDP participate in it. Since its inception in 2013, the BRI has generated nearly US$1 trillion in investment and formed more than 3,000 cooperation projects.
Trinidad and Tobago, the first Caribbean country to sign onto the BRI in 2018, will launch a project under the initiative later this year.
The Phoenix Park Industrial Estate spans 144 acres in Point Lisas. It promises to give clients unique access to global consumer markets due to its strategic location near an international and containerized port served by global shipping lines.
It is just one of many projects that China is investing in throughout the region.
Overall, the BRI provides a new sign of openness with Chinese diplomacy that respects the cultural diversity and sovereignty of participating states.
As China’s trade with BRI countries continues to grow, it is likely that we will see even more investment and cooperation projects in the coming years.