Memorandum strengthens ties with Argentina
(China Daily)
Updated: 2004-11-18 22:35

Argentina on Wednesday joined the growing ranks of nations to officially recognize China's market economy status and signed a memorandum of understanding with China on bilateral trade and investment co-operation.

The memorandum was signed by Chinese Foreign Minister Li Zhaoxing and his Argentine counterpart Rafael Bielsa during Chinese President Hu Jintao's state visit to the South American country.

Under the memorandum, Argentina agreed to recognize China's market economy status and thus waive its right to raise anti-dumping barriers against Chinese goods.

Both sides agreed to actively co-operate in the sectors of infrastructure, housing, energy, agriculture, basic industries, education, science and technology.

The two decided to hold working group meetings in the early half of next year to ensure the realization of the goals set out in the memorandum, thus creating a favourable environment for further promoting equally and mutually-beneficial bilateral co-operation in trade and investment.

Hu also said that China attaches great importance to developing relations with Latin American and Caribbean countries.

Addressing Argentina's Congress, Hu said that as developing countries, China and the Latin American and Caribbean nations should strengthen co-operation to meet new challenges in a complex and constantly changing international environment.

In the long term, Hu said, China will continue to focus on its modernization drive, and this will offer a precious opportunity for mutually beneficial co-operation with the Latin American and Caribbean nations which have great potential for development.

Hu arrived here from Brazil on Tuesday, the second leg of his four-nation tour which also includes Chile and Cuba.