Nicaragua joins China’s Belt And Road Initiative

Just a month after Nicaragua switched its recognition of the Chinese government from Taipei to Beijing, the two nations have signed several key agreements, including an MoU with China’s Belt and Road Initiative.

A range of bilateral treaties were signed by Nicaraguan and Chinese representatives in Managua. The documents included a political consultation agreement, a treaty on bilateral cooperation and diplomacy, a memorandum of understanding on cooperation under the framework of the Belt and Road Initiative and the 21st Century Maritime Cooperation, and the mutual waiver of visas for Chinese and Nicaraguan citizens carrying diplomatic passports or traveling for official business.

Today, 60% of Nicaragua’s exports still go to the United States. Nicaraguan President Daniel Ortega, who will be inaugurated for a fourth term as president, wants to diversify Nicaraguan exports to a wider market and with hoped for better trade terms. In 2019, Nicaragua exported $39.3M to China. During recent years, Nicaraguan exports to China have increased at an annualized rate of 37.5%.

Source: silkroadbriefing.com


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