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  • Flags of China and Argentina outside the Asian country's embassy, 2020.

    Flags of China and Argentina outside the Asian country's embassy, 2020. | Photo: Twitter/ @PDChina

Published 29 September 2020
Opinion

Fernandez conveyed to Xi his determination to begin negotiations for Argentina's accession to the Belt and Road Initiative.

Argentina's President Alberto Fernandez had a telephone conversation with China's President Xi Jinping in which they agreed on promoting multilateralism and strengthening the relationship between the Asian nation and Latin American countries.

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"Argentina offers many opportunities in which China can be a central player", Fernandez said on Tuesday and gave as examples the possibilities of direct foreign investment in energy, infrastructure, housing, and transportation projects.

Xi requested the collaboration of the South American nation to strengthen China's relationship with the Mercosur, a regional trade agreement made up of Brazil, Argentina, Paraguay, and Uruguay.

The Argentine President also thanked Xi for renewing the SWAP agreement through which the central banks of both countries can exchange Chinese yen and Argentine pesos for a value equivalent to US$18.5 billion.

This currency exchange mechanism is a policy tool that will allow Argentina to increase its monetary reserves s without acquiring new external debts, as reported by local outlets.

Fernandez conveyed to the Chinese president his determination to begin negotiations for Argentina's accession to the Belt and Road Initiative, a multi-million dollar infrastructure and investment project that will link the Asian nation with countries on five continents.

"This initiative will form one more platform for new works and better conditions for the development of projects necessary to enhance productive capacities, expand the export matrix, generate quality employment, and improve the quality of life of Argentines."

Xi said that his country is interested in expanding its imports and buying Argentine products with a higher added value. He also invited Fernandez to visit China "to seal together a new stage in the relationship between the two nations."

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