Several major economic and trade projects were signed in Wuxi, Jiangsu province, on Friday as part of the Eighth Dialogue between the Civilizations of China and the Latin American and Caribbean region, underscoring a boost in international cooperation and economic ties.

Representatives from 19 out of 20 Latin American countries participated, along with more than 150 political, business and academic representatives from China and Latin America. They included officials from the consulates general of 11 Latin American and Caribbean countries in Shanghai.

A significant project involved an agreement signed by the CIASA Group, a Latin American multinational trade and logistics company, with the Wuxi Taihu Shanshuicheng Tourist Resort administrative office. The companies plan to invest $150 million in the CIASA (Wuxi) International Trade project. The initiative aims to create a comprehensive one-stop service platform for CELAC enterprises, integrating product display, trade services, accommodation, catering, and logistics management, positioning Wuxi as a key hub for China-Latin America economic and trade cooperation. CELAC stands for Community of Latin American and Caribbean States.

A procurement agreement for one million metric tons of Latin American sugar was also signed, with subsequent import and export transactions to be conducted through a dedicated Wuxi platform for Latin American trade.

Additionally, the Wuxi E-commerce Association and the Brazil-China Friendship and Cooperation Association signed an agreement to establish a cross-border e-commerce industry collaborative development mechanism. The partnership aims to foster cooperation between cross-border e-commerce enterprises in both regions, build a procurement platform for Latin America, and explore domestic and international markets.

Xie Gang, deputy director of the China Foreign Languages Publishing Administration, said at the opening ceremony that Chinese-style modernization brings numerous opportunities for China-Latin America relations amid a slowing global economic recovery and widening North-South development gap.

"In 2024, China-Latin America trade volume exceeded $500 billion for the first time, a historic high. Facing challenges like rising unilateralism and protectionism, both sides should continue to implement global development initiatives, leveraging economic complementarities and innovating in economic and trade cooperation," Xie said. He emphasized that China and Latin America should be sincere partners, focusing on mutual benefits and common prosperity.

Sun Wei, vice-mayor of Wuxi, described the city as warm and open, with international friendships with 51 cities in 28 countries across five continents and trade relations with more than 220 countries and regions globally.

He said 118 of the world's top 500 companies have invested in 248 foreign-funded enterprises in Wuxi. Citizens from Brazil, Argentina, Chile, Peru, Uruguay and other countries can transit through Wuxi's airport with a 30-day visa-free policy, while Mexicans enjoy a 240-hour visa-free policy.

The city's total import-export volume has exceeded $100 billion annually, reaching a new historical high in 2024. Sun said that last year, Wuxi's total imports and exports to Latin America reached $5.67 billion.

Despite the geographical distance, Sun said there is enormous potential for cooperation between Wuxi and the Latin American and Caribbean region. He anticipates more significant projects, noting that major collaborations in infrastructure connectivity and digital economy development could bring direct economic benefits and strengthen China-Latin America strategic cooperation.