Beyond seeking to deepen trade links with Asia, the leaders of Chile, Peru and Mexico—the three Latin American member states of the Asia-Pacific Economic Cooperation (APEC)—used their time in Beijing to push for greater Chinese investment in their countries. The three leaders also backed a Chinese-led proposal for a Free Trade Area of the Asia Pacific (FTAAP).
Peruvian President and Ollanta Humala and Chilean President Michelle Bachelet met with President Xi separately on Wednesday. In his meeting with Ollanta, the Chinese leader is reported to have proposed a bilateral trade agreement with Peru. The two leaders also reportedly signed a memorandum supporting the creation of a trilateral group with Brazil to plan the construction of a rail link between Peru and Brazil.
While Bachelet left China empty handed in terms of signed agreements, she made her objectives clear. “We have a high level of trade, but we have not made any progress in investments,” she said at a meeting with Chinese Prime Minister Li Keqiang on Monday. However, both Xi and Bachelet expressed confidence that the establishment of a Chilean branch of the China Construction Bank next year will spur future Chinese investment in Chile.
In a sign that the relationship between China and Mexico may not have been seriously damaged by Mexico’s recent cancellation of a bid awarded to a Chinese consortium for the construction of a high-speed rail link, the Chinese leader and Mexican President Enrique Peña Nieto signed 14 separate agreements and investment contracts at a meeting yesterday. Peña Nieto also announced plans to create a joint fund between three Chinese companies and the Mexican oil company Pemex, with the goal of raising up to US $5 billion for energy projects in Mexico.