On June 25, Peng Tingjun(彭廷军), Deputy Director-General of the International Cooperation Department of China's Ministry of Agriculture and Rural Affairs, announced at a press conference that in 2023, agricultural trade between China and Latin America and the Caribbean reached USD 81.03 billion, double the amount from ten years ago.
The press conference, held by the Information Office of the Shandong Provincial Government, introduced the preparations for the third China-Latin America and Caribbean Agricultural Ministers Forum. Peng Tingjun stated that with the approval of the State Council, the Ministry of Agriculture and Rural Affairs and the Shandong Provincial Government will host the third Agricultural Ministers Forum in Weifang, Shandong, from July 1 to 3. This forum is one of the key agricultural events this year and a valuable opportunity for agricultural and fisheries exchanges and cooperation between China and Latin America.
The theme of this year's forum is "Promoting Mutual Benefit and Diverse Cooperation for Shared Green Development," aiming to build a platform for agricultural exchanges between government departments, research institutions, and enterprises from China and Latin American and Caribbean countries. During the forum, two important outcomes will be released: the "Ministerial Consensus on Key Areas of China-Latin America Agricultural Cooperation" and the "China-Latin America Agricultural Cooperation Action Plan."
Currently, China's direct investment in Latin American agriculture amounts to approximately USD 2 billion, four times the amount ten years ago. China is the second-largest trading partner for Latin America and the Caribbean, with agricultural trade playing a significant role in China-Latin America trade. High-quality Latin American agricultural products such as Argentine beef, Ecuadorian white shrimp, Chilean cherries, and Honduran coffee are increasingly entering the Chinese market. China has signed free trade agreements with Peru, Chile, Costa Rica, Ecuador, and Nicaragua, bringing more opportunities for economic and trade relations.
Peng Tingjun noted that agricultural technology cooperation between China and Latin America is becoming more frequent. Both sides have sent agricultural technology exchange teams and carried out nearly 400 agricultural training projects. China has also promoted technological innovation through the establishment of joint agricultural technology laboratories, research centers, and demonstration farms with countries such as Argentina, Chile, Cuba, Mexico, and Peru.
Currently, China is the most important trading partner for the Latin American region. China's main exports to Latin America are machinery and transportation equipment, with fewer agricultural products, while Latin American countries mainly export raw materials to China, with soybeans being a significant product. This indicates that Latin American countries have a strong comparative advantage in the agricultural sector. In recent years, the scale of agricultural exports from Latin American countries to China has continued to grow, with great potential for the future.
At present, China has established bilateral agricultural cooperation mechanisms with 19 countries, including Argentina, Venezuela, and Uruguay, setting up working groups for soybeans, pesticides, and fisheries, forming a platform for provincial-level linkage to meet demand.