After a 40-minute meeting on Sunday morning in the Great Hall of the People in Beijing, Argentine President Alberto Fernández and Chinese President Xi Jinping signed a joint statement announcing Argentina’s joining the Belt and Road Initiative. Some $23 billion in projected Chinese investments in Argentina were also agreed upon, centered on rail and energy infrastructure projects, as well as science and technology, agriculture and cooperation on combating the Covid pandemic. They further announced that:
• China will renew and strengthen currency swap agreements with Argentina, which are particularly important given Argentina’s contentious negotiations with the IMF over rescheduling its foreign debt service.
• The two sides will “provide incentives for greater use of national currencies in trade and investment.”
• And China pledged to “firmly support Argentina’s efforts to preserve the economic and financial stability of the country.”
On foreign policy, Argentina restated its firm adherence to the One China policy, and China reaffirmed its support for Argentine sovereignty over the Malvinas Islands.
London and Washington have done everything possible to sabotage Argentina’s entry into the BRI, and they are bent out of shape over the fact that the Argentine move now opens the door for the other two big Ibero-American countries – Mexico and Brazil – to do the same.
In remarks after their meeting, President Xi stated that “China is willing to advance exchanges and cooperation in various fields and usher in another brilliant 50 years under the comprehensive strategic partnership with Argentina,” according to Xinhua, noting that this year marks the 50th anniversary of the establishment of diplomatic relations between China and Argentina. Xi added that “in the face of the COVID-19 pandemic, the two sides have stood together and helped each other, setting a good example of solidarity and cooperation among emerging market economies,” and that “China is willing to share development opportunities with Argentina.”
Xinhua reported that, “calling for implementing high-quality Belt and Road cooperation, Xi said the two sides should deepen cooperation in the fields including trade, agriculture, energy and mining, infrastructure, investment and financing as well as pandemic response. He also proposed to cultivate new growth points of cooperation in the digital economy and green development.”
Fernández, for his part, thanked China for its help in fighting the pandemic, and expressed the hope of continuing to strengthen cooperation with China on vaccine and pharmaceutical production.
Argentina’s daily Infobae took note of Washington’s deep opposition to Argentina’s joining with the Belt and Road, and recalled: “This isn’t the first time that Alberto Fernández was involved in promises of Chinese investment in the range of $20 billion. In November 2004, when Néstor Kirchner was President and Alberto Fernández was his Chief of Staff, it was announced that China would invest $20 billion in Argentina.”
