China and Argentina swear currency and trade ties
China and Argentina have pledged to deepen strategic cooperation on trade, currency and the infrastructure-focused Belt and Road Initiative, the government and state media said after a meeting of Presidents Xi Jinping and Alberto Fernandez.
The leaders, who met on the sidelines of the Beijing 2022 Winter Olympics, agreed on a five-year plan for agricultural cooperation and identified key areas to expand and diversify trade and investment in the sector .
China is a major buyer of Argentine soybeans and beef.
It has also entered into a major currency swap agreement with the country, which is helping to bolster its dwindling foreign exchange reserves.
Fernandez is fighting to revive the economy of Argentina, a major grain producer.
Argentina’s government said in a statement that the two sides stressed the importance of currency exchange between their central banks and agreed to continue to “strengthen cooperation” in this regard.
The two men also signed a memorandum of understanding for China’s Belt and Road Initiative, a platform for Chinese investment in railways, ports and highways around the world.
“This strategic decision will allow the national government to sign different agreements guaranteeing the financing of investments and works for more than 23.7 billion dollars (33.5 billion Australian dollars)”, declared the Argentine government.
The Chinese side did not give such a figure.
During a 40-minute meeting, Xi and Fernandez agreed to work together and invest in areas such as green and sustainable development as well as the digital economy.
China is willing to share development opportunities with Argentina and help it expand exports and upgrade industries, the Chinese Foreign Ministry said quoting Xi.
He reportedly said the two countries should deepen cooperation in trade, agriculture, energy and mining, infrastructure, investment and financing, anti-epidemic efforts, digital economy. , green development and other fields.