Photo taken on Sept. 15, 2021 shows a view of the Zocalo Square before the upcoming celebrations of the Mexican Independence Day, in Mexico City, capital of Mexico. Photo: Xinhua

China and Latin America are "getting closer both politically and economically", which benefits the economies and people of both sides, Victor Cadena, executive vice president of the Mexican Chamber of Commerce in China (MEXCHAM), told the Global Times in an exclusive interview on Thursday. 

The comment came while the Summit of the Americas is ongoing in Los Angeles, with many countries from Latin America skipping the US-held event. 

Meanwhile, more and more Latin American countries have endorsed the Belt and Road Initiative (BRI) which is proposed by China. So far, 21 countries in Latin America have signed the agreement over the joint construction of the BRI, despite objection of the US, which deems the region as its "backyard".

Commenting on initiatives launched by the US during the summit with aims to regain its influence in Latin America, Cadena said that it is still too early to say how initiatives - such as Growth in the Americas - will fare.

The Summit of the Americas, held from Monday to Friday, is shadowed by the absence of several Latin American leaders, including presidents of Mexico, Guatemala and Honduras, according to media reports.

The US is no longer the largest trading partner of Latin America as a region, while trade with China continues to grow, Cadena said. Countries such as Chile, Peru and Costa Rica have signed free trade agreements (FTA) with China while others such as Uruguay and Ecuador are in the process of negotiating FTAs with China. China is also a main source of FDI for many Latin American economies, according to Cadena.

China's trade with Latin America - excluding Mexico - has overtaken the US in the past few years and the gap is widening, data from the UN Comtrade Database showed, Reuters reported.

In terms of commerce between China and Mexico, bilateral trade has kept expanding during the past years, reaching about $110 billion in 2021. That made China the second-largest trading partner of Mexico just after the US. Mexico is the second-largest trading partner of China in Latin America following Brazil, according to MEXCHAM.

Cadena has high expectations for continuous expansion of trade between Latin America and China, with more commerce in manufactured products and supply chain cooperation anticipated. 

This year marks the 50th anniversary of diplomatic relations of China and Mexico and the 15th anniversary of MEXCHAM, two important milestones, as bilateral ties in various sectors grow mature, according to Cadena.

"China is already the largest trading partner of Latin America as a region…the trend shows that economic and political ties between China and Latin America will develop, getting closer and closer," he noted.

"There is room for enhanced win-win cooperation between us," Cadena said.