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China consolidates its rapprochement plan with Latin America through the reinforcement of one of the main economies in the region through the ‘Belt and Road Initiative’ program (known in Spanish as Franja y Ruta) that the Asian nation has been implementing with investments in various fields.
During the visit of the Argentine Economy Minister, Sergio Massa, to China, both nations managed to expand their bilateral ties with a view to strengthening economic and trade relations, mainly, but also in other areas.
The cooperation plan, signed on June 2, will serve to consolidate mutual political trust and strategic alignment between the two countries, especially when Argentina is at the gates of an electoral process.
According to the Chinese publication ‘Global Times’, the signing of the agreement is part of the memorandum of understanding that both nations established in 2022 and comes to implement the projects signed under the framework of the Belt and Road initiative.
“These agreements not only strengthen our trade relations with China, but also allow us to continue caring for foreign exchange reserves and increase exports to sell more and more Argentine work to the world,” Massa wrote on his Twitter account, from China.
Argentina achieves renewal of the swap with China
On the other hand, taking advantage of the minister’s visit to China, the South American nation renewed and expanded the currency agreement with the Asian nation.
According to the Argentine authorities, this was extended for three years for a valuation close to 19,000 million dollars or 130,000 million yuan.
“In Beijing, we met with authorities from the People’s Bank of China, the Development Bank, the Ministry of Finance and Customs, to renew and expand the Swap with China and advance in the modification of the protocol for the regionalization of poultry exports” added the minister in a tweet.
The agreements reached come at a difficult time for the country due to the drought that is affecting soybean crops, one of its main export products, and which has caused an increase in the trade deficit with Brazil.
with EFE
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