The United States’ concern is growing as China expands its footprint in Latin America. The agreement between China and Argentina is the most recent incident that has caused the most concern in this country. In the first week of February, Argentine President Alberto Fernandez travelled to China to attend the Winter Olympic Games opening ceremony. On that occasion, he made a number of unique agreements. Argentina chose to join China’s well-known Belt and Road Initiative as one of these (BRI). China will build a nuclear power plant in Argentina under the second agreement.
According to American commentators, the BRI now includes 20 of the 33 countries in Latin America and the Caribbean. The region’s countries are becoming more economically dependent on China as a result of this. Argentina is a large Latin American country. It has also decided to take out a loan from the Asian Infrastructure Investment Bank (AIIB), which is led by China.
This sum will be used to fund BRI-related projects. According to analysts, Argentina’s reliance on the International Monetary Fund (IMF) has decreased as a result of borrowing from the AIIB. The United States is thought to play a key role in the IMF.
Argentina’s new diplomatic ties are being closely monitored by US officials. He thought it was critical that Fernandez visit Moscow before departing for Beijing. Following that, he took the initiative to forge close ties between his country and China. China’s Foreign Minister, Wang Yi, has stated that his country views its relations with Argentina as long-term.
Argentina, according to experts, is one of the few countries that has a trade advantage. Argentina, in other words, imports less than it exports. In 2021, its exports increased by 23%. Argentina primarily exports agricultural, industrial, and primary commodities. All of these products will have easier access to China’s vast market under the new agreements.
In the case of Latin America, the Monroe principle is still in effect. President of the United States of America, James Monroe. He declared Latin America to be “America’s Backyard” in 1823. President Joe Biden recently stated that Latin America is now America’s front yard. This indicates that the United States still views Latin American countries as part of its sphere of influence.
According to experts, China’s rapid advancement in this area is posing a serious challenge to the Monroe Doctrine. Nicaragua, another country in the region, had recently joined the BRI. Honduras is showing signs of following suit. Argentina’s stance, however, is the most concerning aspect for America. One reason for this is that it has allowed China to introduce nuclear technology to the region.