Japanese Prime Minister Shinzo Abe set off for Latin America last Friday where he is expected to lobby for energy and export deals, and forge ties with potential allies.

Abe's trip comes two days after the conclusion of Chinese President Xi Jinping's trip to the region last week, marking Latin America as the latest economic battleground for the two rival nations, according to Quartz.

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To date, Abe has signed a deal with Mexico's state-run oil company Pemex for the Japan Oil, Gas and Metals National Corporation.

While China trumps Japan in terms of raw asset and trade volume, Tokyo seeks to provide Latin American consumers with good-quality product brands such as Honda, Toyota and Nissan vehicles.

Last year, Colombian finance minister Mauricio Cardenas told Bloomberg that although the country has been benefiting from its high price commodity exports, Chinese imports may negatively impact its economy.

He suggested that cheap goods sourced from China may likely pose a threat to its local manufacturers.

Japan's cultural ties in the region may also be an advantage, most notably for its involvement in the Trans-Pacific Partnership that aims to facilitate regional free trade among member nations. Latin American nations Chile, Mexico and Peru are members of the partnership agreement.

But the most important part of Abe's trip may perhaps be his goal to seek political allies and lobby for support in his bid for a permanent seat on the U.N. Security Council.

BBC cited Chinese expert on Japanese affairs Feng Wei as he said that while he believed Abe lobby for a U.N. seat would not be easy, he also cautioned not to underestimate the prime minister's diplomacy in the region.

Another Chinese analyst, Teng Jiangqun, dismissed Japan and said that it is not up to par with China when it came to Latin America. Compared to Beijing, Tokyo's influence on economics and diplomacy still has a long way to go, he said.

Abe is set to sign a joint statement with Brazilian President Dilma Rousseff next week that would declare both countries' shared values including a respect for the rule of law, a Japanese source said Saturday.

The statement is reportedly aimed at China for its aggression in claiming territories in the East and South China Sea.

TagsLatin America, Japan Pemex deal, Mexico-Japan deal, Mauricio Cardenas, Chinese exports, Chinese imports, Trans-Pacific Partnership, Japan UN Security Council, Feng Wei, Japanese diplomacy, Chinese diplomacy, Teng Jiangqun, Dilma Rousseff, Japan Brazil statement, Japan Colombia statement, East China Sea dispute