Goodbye TPP, hello inclusive trade

President Xi Jinping has just wrapped up his third visit to Latin America since 2013, which took him to Ecuador, Peru and Chile. During his visit, he also attended the 2016 APEC Economic Leaders' Meeting in Lima.

Xi's visits to Latin American countries have injected fresh momentum into bilateral relations. His latest visit came at a time of change in regional economic integration. The United States has elected Donald Trump as its next president, which many believe signals the demise of the Trans-Pacific Partnership Agreement championed by incumbent President Barack Obama. The Beijing-backed Free Trade Area of the Asia-Pacific, on the other hand, has gained support in the Asia-Pacific community, including Latin American countries.

Backed by a regional economic engine, the FTAAP has great potential to reshape the geopolitical landscape and deepen China-Latin America trade ties, which started booming after China became a member of the World Trade Organization in 2001. Under the South-South cooperation framework, China, the world's largest developing country, and Latin America, home to a myriad of emerging economies, have managed to move beyond political and cultural exchanges.