In addition to a memorandum on the Silk Belt and Road Initiative, Argentina and China signed 13 different inter-institutional cooperation documents in 2022.
These documents are related to different subjects, including green development, digital economy, space development, technology and innovation, university education and cooperation, agriculture, earth sciences, public media and nuclear energy.
In February 2022, the two countries signed a memorandum of understanding under the framework of the Silk Road Belt and Road Economic Initiative.
While the Belt and Road Initiative aims to boost cooperation and connectivity between countries through land and ocean routes, it aims to develop a platform to stimulate trade and investment, market integration and economic cooperation between the regions.
In the medium term, this memorandum aims to boost bilateral trade in goods and services, and increase investments for the productive sector and for the development of technological capabilities.
Argentina and China
According to this memorandum, financing for strategic infrastructure works in Argentina will consist of two tranches: one for projects agreed at the fifth meeting of the Strategic Dialogue for Economic Cooperation and Coordination (DECCE) held in January 2022, which has already been approved, and a second tranche for projects that Argentina plans to present at the ad hoc group to be created between the two countries under the memorandum.
China is one of Argentina’s main trading partners.
Imports from China mainly include chemical products, machinery and electronic devices, motorcycles and small displacement engines, and toys.
Exports to China include mainly agricultural products, such as wheat, soybeans and corn, as well as meat and meat products.
In 2021, imports from China included mostly intermediate goods, which totaled $4.6 billion, capital goods, which totaled $4.3 billion, and spare parts and accessories, which were at $2.7 billion.
Exports to China in 2021 were mainly primary products, totaling US$3.2 billion, followed by manufactured products of agricultural origin, totaling US$2.8 billion.
In 2021, Argentina’s trade deficit with China was US$7.2 billion, up from US$3.3 billion in 2020.
