The Latin American and Caribbean Economic System (SELA) and the China Council for the Promotion of International Trade (CCPIT) formalised the signing of a Memorandum of Understanding aimed at strengthening economic, trade and business relations between the two regions.

The signing took place in the city of Zhengzhou, Henan province, during the III Development Forum of Latin America and the Caribbean with China: economic and trade connectivity for enhanced cooperation and shared social prosperity, organised by SELA and the Institute of Latin American Studies (ILAS) of the Chinese Academy of Social Sciences (CASS).

The document sets out mechanisms for the exchange of best practices and training in areas relating to trade, investment, technology and intellectual property, as well as for the organization of delegation visits, specialist seminars, trade fairs and exhibitions. It also provides for training and assistance in the field of commercial legal services, thereby expanding the range of tools available to policymakers, businesses and institutions interested in strengthening ties with the Chinese market.

The Memorandum was signed by the Permanent Secretary of SELA, Ambassador Lesly David, and the President of the CCPIT, Ren Hongbin. Both officials agreed that this agreement represents a key milestone in boosting bi-regional trade, promoting the attraction of high-impact investment and generating new business opportunities for the Latin American and Caribbean productive sector.

The signing of the agreement represents a new mechanism for promoting a practical agenda for trade, investment and business links. In this process, SELA plays a key role as a forum for coordination between the focal points in Latin America and the Caribbean and their counterparts in China, facilitating the identification of priorities and the development of public policy strategies that translate into concrete opportunities for the countries of the region.