Mon. Jun 17th, 2024
China and Venezuela Strike Unbelievable Deals on Economy, Trade, and Tourism in Epic Beijing Meeting

China and Venezuela Strike Unbelievable Deals on Economy, Trade, and Tourism in Epic Beijing Meeting

China and Venezuela Strike Unbelievable Deals on Economy, Trade, and Tourism in Epic Beijing Meeting

China and Venezuela form unprecedented all-weather strategic partnership, sign key agreements in Beijing

Chinese President Xi Jinping and Venezuelan President Nicolas Maduro have launched a landmark visit to elevate their countries’ ties to a “strategic partnership for all seasons”. This special designation is reserved for a select few of China’s diplomatic allies, highlighting the depth of their new commitment.

Following their discussions in Beijing, the leaders formalized their commitment by signing several bilateral cooperation agreements covering various sectors such as economy, trade and tourism. Xi Jinping underlined the shared development and mutual trust between the two countries, emphasizing their status as “good friends”.

Venezuela has actively supported China’s Belt and Road Initiative, a global infrastructure development project. Their support is expected to be reaffirmed at a conference in China next month. China has already signed Belt and Road cooperation agreements with more than 150 countries and 30 international organizations.

Maduro’s vision: Venezuela wants better cooperation with China, BRICS membership and debt payments through oil shipments

Maduro expressed Venezuela’s desire to deepen cooperation with China within multilateral frameworks, including the BRICS mechanism and the United Nations. Venezuela has actively sought BRICS membership, the grouping that includes Brazil, Russia, India, China and South Africa, which has recently signaled its willingness to expand and welcome new members.

Throughout his tenure, President Maduro has built a strong partnership with China, providing his country with substantial support in the form of loans, cash, and investments worth billions of dollars.

China, Venezuela’s primary creditor, provided approximately $50 billion in loans to the OPEC member during 2010. Venezuela is repaying this debt through oil shipments, taking advantage of its substantial oil reserves. Chinese Foreign Ministry spokesman Mao Ning described relations between the two countries as “strong” and described them as “comprehensive strategic partners”. This historic meeting marks a new chapter in their enduring partnership, promising mutual development and cooperation on the global stage.

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