Chinese President Xi Jinping, left, shakes hands with Colombia’s President Gustavo Petro after delivering his opening speech for the opening ceremony of the Fourth Ministerial Meeting of the Forum of China and Community of Latin American and Caribbean States at China National Convention Center in Beijing on May 13. (AP)

MIAMI, May 18, (AP): Colombia’s government has applied to join a China-based development bank, another sign of Latin America’s drift away from the U.S. as the Trump administration’s foreign aid cuts, trade barriers and crackdown on immigration spurs many leaders in the region to seek closer ties with Washington’s geopolitical rival. Colombian President Gustavo Petro wrapped up a visit to China this week with a stop in Shanghai, where he met with former Brazilian President Dilma Rousseff, the head of the New Development Bank.

The multilateral lender was set up a decade ago as a project of Brazil, Russia, India, China and South Africa – the so-called BRICS nations of major developing markets – as a counter to US-dominated institutions like the World Bank and Inter-American Development Bank. To date, the New Development Bank has approved loans for 122 infrastructure projects totaling more than $40 billion in areas such as transport, sanitation and clean energy, according to Rousseff.

Petro, speaking to reporters in China on Saturday, said that Colombia is committed to purchasing $512 million worth of shares in the bank. He said that he was especially excited by the possibility of securing the New Development Bank’s support for a 120-kilometer (75-mile) canal, or railway, connecting Colombia’s Atlantic and Pacific Ocean coastlines that he said would position the country at the “heart” of trade between South America and Asia.

Colombia is the second Latin American country to try and join the bank after tiny Uruguay sought membership in 2021. But Colombia’s traditional role as a staunch US ally and caretaker in the war on drugs is likely to raise eyebrows in Washington. The US State Department this week said that it would “vigorously oppose” financing of projects linked to China’s Belt and Road Initiative in Latin America.

Petro signed up to the initiative during a summit with fellow leftist leaders from Brazil and China. Petro, a former leftist guerrilla, said he wouldn’t be dissuaded by U.S. pressure and reaffirmed that Colombia seeks to remain neutral in a new era of geopolitical wrangling. “We made this decision freely,” Petro told reporters from Shanghai. “With the United States we can speak face to face, with China too.”

Recent visits by the U.S. President have resulted in $4 trillion worth of investments in the U.S. over the next three years from three Arab Gulf countries: Saudi Arabia, Qatar, and the UAE. These investments are expected to yield productive outcomes that could strengthen security and stability in the region. There are also strong indications that a new deal between the U.S. and Iran is imminent, which could help stabilize oil prices.

While huge sums of money are being spent, there is hope that oil prices will recover in the coming years. Many Arab Gulf states are currently facing huge deficits due to low oil prices, which are insufficient to cover even 40 percent of their state budgets and expenditures. The visit itself serves as a strong indication of a new and emerging alliance between the USA and the Gulf States, in terms of the security and safety of all Gulf nations. This is aimed at ensuring they work together for defense in the event of an emergency. Meanwhile, the Gulf states continue to use all available means to secure their safety while simultaneously investing in the U.S. through arms purchases and financial investments. From this perspective, Kuwait is emerging as a leading global investor, as it is channeling its surplus funds into overseas investments, primarily in the U.S. and European countries. This investment strategy is expected to extend further into Far Eastern markets, including Japan, and eventually China, amounting to $40 billion. This shift is becoming a huge development, offering potential for growth in Kuwait’s oil industry, as well as in refining and petrochemicals.

The Kuwait Petroleum Corporation (KPC) should seriously consider these opportunities. The President’s visit to our region is a clear indication of the commitment to the stability of the region. However, one element that was overlooked is the future stability of oil prices, especially among the top producers. It appears the issue was intentionally left untouched, allowing the oil markets to make their own predictions and remain separate from politics. Undoubtedly, the visit was a highly successful one, with a $4 trillion deal, marking the largest ever weapons purchase in a single state visit.

By Kamel Al-Harami Independent Oil Analyst

KUWAIT CITY, May 17: With intensive media coverage, the Kuwait Airways inaugural Airbus A321neo aircraft successfully landed at Kuwait International Airport (Terminal 4) on Thursday. This aircraft, the first of nine ordered, was manufactured by Airbus. Following his arrival on the flight from Toulouse, France; alongside Ambassador of the United Kingdom to Kuwait Belinda Lewis, Kuwait Airways Chairman Abdulmohsen Al- Faqan conveyed to KUNA and Kuwait TV that the new aircraft, named ‘Al-Mutlaa’, is distinguished by its efficient maintenance and fuel consumption, achieving approximately 20 percent fuel saving. He elaborated that the new aircraft, slated to commence service within days upon completion of the required documentation, features 16 business-class seats and 150 economy-class seats, and is equipped with advanced onboard entertainment systems.

He said the delivery of the remaining A321neo aircraft stipulated in the agreement is expected shortly, reinforcing the airline’s dedication to the ongoing development of the national carrier and the provision of superior customer service, under the directives of the political leadership. He disclosed that a meeting was convened with senior officials from Rolls-Royce PLC to discuss the advancement of the engine system and the provision of support to Kuwait Airways.

Meanwhile, Lewis disclosed that she visited the Rolls-Royce production facility in Derby, United Kingdom, where aircraft engines, particularly for widebody Airbus aircraft, are manufactured. Lewis added that she visited the Airbus facility in Toulouse, France, which integrates leading European aviation technology from the United Kingdom, Spain, Germany, and France, and encompasses a diverse range of aircraft of varying capacities and sizes, produced and distributed globally. She said she was impressed by the new aircraft, which incorporates cutting-edge technological features, is environmentally friendly, safe, healthy and enhances passenger comfort and enjoyment.

Kuwaiti Ambassador to France Abdullah Al-Shaheen affirmed on Friday that Kuwait Airways received the new aircraft from Airbus, reflecting the depth of the partnership and cooperation between the two countries. Al-Shaheen made this statement to KUNA after participating in the ceremony marking Kuwait Airways’ receipt of its first new A321neo aircraft from Airbus in Toulouse, France. He asserted, “We are proud of this occasion, which reflects the outstanding level of relations between the two friendly countries, and it is considered an extension of a long history of constructive cooperation based on trust and mutual respect.”

He added that Kuwaiti-French relations have witnessed “continuous development” in various fields over the decades, particularly in the economic and strategic sectors, stressing that the State of Kuwait is keen on strengthening this cooperation to serve mutual interests. Al-Shaheen, Al-Faqan, Lewis, French Ambassador to Kuwait, Olivier Gauvin, and senior officials from Kuwait Airways and Airbus attended the aircraft delivery ceremony from Toulouse last Wednesday.