LatinNews Daily - 20 November 2024

*Argentina’s President Javier Milei has held his first meeting with China’s President Xi Jinping on the sidelines of the G20 summit in Brazil. The meeting drew particular attention given Milei’s earlier rhetoric on the campaign trail last year about China, calling the Chinese government “murderers” and insisting he would make “no deals with communists”. Yet the two leaders yesterday discussed their countries’ “current trade and financial ties” and “desire to continue exploring new opportunities to expand and improve,” according to a statement by Argentina’s presidency widely circulated in the local press – indicative of what has become a pragmatic collaboration which reflects China’s desire to expand influence in the region, and Argentina’s economic needs. For instance, bilateral trade volume exceeded US$17bn last year, with China being Argentina’s second-largest trading partner, according to a report published by China Daily, a newspaper owned by China’s ruling Communist party. Meanwhile earlier this year, Chinese authorities renewed a US$5bn currency swap agreement until 2026. A statement by China’s foreign ministry following the Milei-Xi meeting highlights that this year marks the 10^th anniversary of the establishment of the China-Argentina comprehensive strategic partnership. It adds that China “is ready to work with Argentina to promote the long-term and stable development of the China-Argentina comprehensive strategic partnership.” It also states that China is ready to work with Argentina to continue promoting cooperation regarding its ‘Belt and Road Initiative’ (BRI), China’s flagship global infrastructure investment initiative, and “deepen cooperation in energy and mining, infrastructure, agriculture, scientific and technological innovation, digital economy and other fields” as well as continuing to carry out “financial cooperation with Argentina and help Argentina maintain economic and financial stability”.