It was a fascinating moment back in 2013 to consider the linked fortunes of Latin America and of Asia. The leaders of the world’s two most power- ful nations, the United States and China, each visited Latin America and the Caribbean within days of each other. Chinese President Xi Jinping’s visit to Mexico, Costa Rica, and Trinidad and Tobago showed the strategic importance of the region to the resource-hungry Asian giant, which was eager to build strong trade, investment and diplomatic ties. U.S. Vice President Joe Biden toured Brazil, Colombia and Trinidad and Tobago, following a trip just one month earlier by Barack Obama to Mexico and Costa Rica.
This made perfect sense:
- The economies of Latin America and the Caribbean grew 2.75 percent in 2013, down from 4.5 percent in 2011, but still well above the pace of growth in the developed world.
- They have the natural resources that China needs, and the avid consumers that U.S. exporters want to tap.
- U.S. exports to Latin America more than doubled since 2000 to a record $400 billion in 2012, thanks in part to free trade agreements signed with Peru, Panama, and Colombia.
Read more in the full report from first published in 2013 by the Wilson Center USA.