Colombia has signed a deal bringing it into Chinese President Xi Jinping's signature Belt and Road Initiative (BRI), Beijing's state media said on Wednesday.

The agreement came after a bilateral meeting between Xi and Colombian President Gustavo Petro that followed a Chinese-hosted summit of Latin American and Caribbean leaders in Beijing. 

Two-thirds of Latin American countries have already signed up to the infrastructure initiative, which aims to give Beijing global political and economic clout in exchange for Chinese investment in infrastructure and other large-scale projects. 

Latin America has become a key arena as Washington and Beijing vie for global influence.

What did Xi and Petro say?

Xi urged the countries to "take the opportunity of Colombia's formal joining the high-quality Belt and Road Initiative family to promote the quality upgrading of cooperation," the state-run news agency Xinhua said.

Chinese state media also quoted Xi as saying at the meeting of the two that China was "ready to import more Colombian products of high quality."

Petro wrote on the social media platform X, formerly Twitter, that "the history of our foreign relations is changing."

"From now on, Colombia will interact with the entire world on a footing of equality and freedom," wrote Petro.

China urges 'unity and cooperation'

Xi used the China-CELAC Forum on Tuesday to cast China as a bastion of the multilateral order as US President Donald Trump continues to throw world markets into turmoil with trade policies that critics say are based more on whimsy than sound judgment.

The meeting came a day after Washington and Beijing both reduced huge tit-for-tat tariffs amid a trade war provoked by initial levies imposed by Trump shortly after he took office.

 In a seeming swipe at the US under Trump, Xi told the forum that "bullying and hegemony will only lead to self-isolation."

"There are no winners in tariff wars or trade wars," he said.

"Only through unity and cooperation can countries safeguard global peace and stability and promote worldwide development and prosperity," he said.

Beijing offers billions in development loans

Xi pledged $9.2 billion (€8.2 billion) in "development" credits, while also offering Beijing's cooperation in fighting terrorism and transnational organized crime.

He said Beijing would also put in place scholarships and training programs.  

Chinese Foreign Minister Wang Yi also seemed to target the US when he spoke of a "major power" that was "obsessed with the idea that might makes right."

He urged Latin American nations to "join hands" with China to defend their rights against a country that is "using tariffs as a weapon to bully other countries."

Edited by: Wesley Rahn