China, Argentina pledge to deepen cooperation on trade, currency and infrastructure

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China, Argentina pledge to deepen cooperation on trade, currency and infrastructure

Feb 6, 2022: China and Argentina on Sunday pledged to deepen strategic cooperation on trade, currency and infrastructure specially pertaining to China’s Belt Road Initiative, the government and state media said after a meeting between Presidents Xi Jinping and Alberto Fernandez.

The leaders, meeting on the sidelines of the Beijing 2022 Winter Olympics, agreed on a five-year plan for agricultural cooperation and identified key areas for expanding and diversifying trade and investment in the sector.

China is a major buyer of Argentine soybeans and beef. It also has a major currency exchange agreement with the country, which helps it to increase its dwindling foreign reserves. Fernandez is struggling to revive Argentina’s economy, a major grain producer. The Argentine government said in a statement that the two sides stressed the importance of currency exchange between their central banks and agreed to continue “strengthening cooperation” in this regard.

The two also signed a memorandum of understanding on China’s Belt and Road Initiative, a platform for Chinese investment in railways, ports and highways around the world.

During a face to face meeting, Xi and Fernandez agreed to cooperate and invest in areas such as green and sustainable development, as well as the digital economy. The Chinese Foreign Ministry quoted Xi as saying that China is ready to share development opportunities with Argentina and help boost exports and upgrade its industries.

He said the two countries should deepen cooperation in trade, agriculture, energy and mining, infrastructure, investment and financing, pandemic efforts, digital economy, green development and other areas.

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