China-Latin America Relations And The Fall Of Oil Prices

The first ministerial meeting of the Forum of China and the Community of Latin American and Caribbean States (CELAC) was held from January 8-9, 2015 in Beijing. Three presidents, President Luis Guillermo Solís of Costa Rica, President Rafael Correa of Ecuador and President Nicolás Maduro of Venezuela, as well as Prime Minister Perry Christie of the Bahamas and 22 foreign ministers came together for the first China-CELAC ministerial meeting. Consisting of representatives of all countries in the Americas except the United States and Canada, CELAC is a coalition of 33 Latin American and Caribbean countries, which was formed in 2011 by the initiative of Venezuela to enhance integration and reduce the economic and political influence of the United States in the region. The meeting was very crucial for the countries of Latin American, particularly those that export oil, as many aim to increase the amount of oil exported to China and attract Chinese investment to their countries. This development arises as the fall of oil prices, which have plunged by more than 50 percent over the last six months, has come to hit the economies of oil producing countries in Latin America such as Venezuela, Equator and Brazil. More…