LatinNews Daily - 18 July 2024

*Paraguay’s President Santiago Peña and Chile’s President Gabriel Boric have committed to advancing the Bioceanic Corridor infrastructure project during a visit by Boric to Paraguay’s capital, Asunción. The corridor, which will connect Brazilian ports on the Atlantic to Chilean ports on the Pacific, was described by Boric as “a tremendous piece of infrastructure that will be essential for the development of the region and for uniting ports on the Pacific and Atlantic coasts, which will lead to the opening of new markets for both Chile and Paraguay, and also for Brazil and Argentina”. The two sides also highlighted cooperation in other areas such as trade: according to a statement from the Chilean presidency, bilateral trade exceeded US$1.8bn in 2023, making Paraguay Chile’s fifth largest trade partner in the region, with Chilean investments in Paraguay reaching US$570m. A recent free trade agreement (FTA) between Chile and Paraguay, effective from February this year, was noted as a milestone strengthening economic exchange. The presidents also held a meeting with business delegations from both countries to discuss further economic cooperation. This was Boric’s first official visit to Paraguay since taking office in March 2022.