Latin America is a "natural extension" of the Belt and Road Initiative and should get involved in the ambitious global development initiative proposed by China, Argentine political observer Patricio Giusto said.
Latin American governments are eager to participate in the plan, attracted by its concept of spurring free trade through infrastructure building, financial integration and greater interconnectivity to drive economic growth, Giusto said in a recent interview with Xinhua.
Latin American countries are also keen to take part in any development initiatives proposed by China, which they recognize as a growing world power and important trade partner.
In May, Beijing hosted the first ever Belt and Road Forum for International Cooperation, and Argentine President Mauricio Macri and Chilean President Michelle Bachelet were among more than 200 world leaders and envoys to attend.
"President Xi Jinping was very clear ... Latin America is the natural extension of the Belt and Road Initiative, and it's not a question of saying it. If you look at a map, you can clearly see that to the degree that the flow of maritime trade expands through southeast Asia, the natural extension is Latin America," said Giusto.
"Failing to take advantage of this opportunity would be absurd on the part of the region," said Giusto, an expert from the consulting firm Diagnostico Politico (Political Diagnosis).
He noted Chile is studying how it can complement the Belt and Road Initiative, which does not only represent an opportunity solely for countries bordering the Pacific Ocean, but also for countries like Argentina, Brazil, Paraguay and Uruguay in Latin America, which face the Atlantic.
Countries like Argentina and Brazil have "a chance ... to establish and take advantage of new trade flows, depending on infrastructure, social development and other areas that we need to improve in our region," said the consultant.
According to statistics from China's Ministry of Commerce, trade volume between China and Latin America reached 166.78 billion U.S. dollars in the first eight months of 2017, representing a year-on-year increase of 18 percent.
Today China is Latin America's main trade partner, and the world's second-largest source of foreign direct investment. Latin America stands to benefit from trade and investment involving China.
