MOU Belt Road China-Argentina

According to a joint statement issued Sunday after a meeting between Chinese President Xi Jinping and his Argentina counterpart Alberto Fernandez. China and Argentina have signed a Memorandum of Understanding (MoU) on the Belt and Road Initiative.

The MoU on jointly promoting the construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road between the government of the People's Republic of China and the government of the Argentina Republic was signed as the two countries mark the 50th anniversary of the establishment of diplomatic ties this year.

They also signed a strategic action plan on agricultural cooperation (2022-2027), it’s about the investments the trade growth in agriculture.

They studied bilateral trade cooperation and agreed to continue to expand trade, enhance financial support for China's export settlement to Argentina and actively encourage trade diversification, the statement said.

According to China’s customs statistics, in 2020, China is Argentina's second-largest trading partner and Argentina is China's fifth-largest trading partner in Latin America. Bilateral trade volume in 2021 was 17.83 billion USD, up 28.3% year-on-year respectively, of which China exported 10.69 billion USD and imported 7.14 billion USD. China mainly imports soybeans, crude oil, leather, and other commodities from Argentina.