Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Trash collection goes high tech

Read more

WEB NEWS

Web users react to escalating violence in Gaza

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Live: Germany take on Argentina, Messi and World Cup history

    Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Germany vs Argentina - history and genius clash in World Cup final

    Read more

  • Israeli navy attacks Hamas base as tanks line up along Gaza border

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Legendary conductor Lorin Maazel dies aged 84

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

  • Boko Haram claims Nigeria attacks and supports Iraqi militants

    Read more

  • Paris’s Bastille Day fireworks ‘an homage to victims’ of WWI

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Shells land in Russia as eastern Ukrainians flee fighting

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • Iraqi parliament fails to agree on new leadership

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

Summit aims to expand Asia-Latin America trade

©

Text by AFP

Latest update : 2008-11-21

The Asia Pacific Economic Cooperation forum opens Saturday in Lima, the Peruvian capital. With the US represented by lame-duck president Bush, Asian nations see the time as ripe to negotiate more access to Latin America's natural resources.

Trade and investment between Latin America and Asia remains an untapped field ready for exploiting by those with determination on either side of the Pacific, business and political chiefs say here.
   
Asia's interest in more access to Latin America's bountiful natural resources -- metals, minerals, oil, as well as beef, soya and other crops -- for its expanding economies is fueling the trans-Pacific relationship on view at this week's Asia Pacific Economic Cooperation (APEC) forum in the Peruvian capital.
   
China in particular is looking to snap up raw materials for its economy, which is still projected to grow at an impressive clip despite headwinds from the global downturn.
   
"China wants to work with the South American and Caribbean countries through a partnership of total, balanced, mutually beneficial cooperation," Chinese President Hu Jintao told Peru's parliament on Thursday ahead of the APEC summit.
   
The day before, China and Peru announced negotiations on a bilateral free-trade agreement had been successfully completed.
   
Earlier in the week, Hu was in Costa Rica for talks on another such agreement with that country, and to sign a series of cooperation accords.
   
He also made a visit to longtime political ally Cuba, to which he donated 4.5 tons of humanitarian aid.
   
But China is not alone in seeking out opportunities in Latin America and nor is the trade all in one direction.
   
South Korean President Lee Myung-Bak, who arrived in Lima on Thursday, added a Brazil leg to his South America trip to speak with that country's president, Luiz Inacio Lula da Silva, about bilateral trade and investment in natural resources and agriculture.
   
Japanese Prime Minister Taro Aso met Lula in Washington on the sidelines of the G20 summit to discuss similar issues.
   
Indonesian President Susilo Bambang Yudhoyono, meanwhile, dropped in on Mexican counterpart Felipe Calderon to discuss cooperation between their two state oil companies.
   
For Latin America's rising economic star Brazil, exports to Asia amount to 16 billion dollars per year.
   
Chile, in second place, signed a free trade accord with China two years ago mostly to sell its main resource, copper. It earns 13 billion dollars a year from trade with Asia.
   
Mexico trails far behind, with four billion dollars in exports each year, reflecting its focus on the US market.
   
But Peruvian economist Jorge Gonzalez Izquierdo is guarded about how soon this budding relationship will grow into something more substantial.
   
"Commercial relations between the two regions still remain in an embryonic stage," he said.
   
Exchanges thus far show "very little diversification," he said, adding that: "The potential can be seen in the long term."
   
In all, Latin American exports represent only 2.7 percent of all exports to Asia, which buy just seven percent of Latin America's total exports.
   
In the other direction, Asian goods coming to Latin America, mostly from China, account for 20 percent of the region's imports.
  

Date created : 2008-11-21

Comments

COMMENT(S)