China Builds wine trade with South America

Argentine Foreign Minister Hector Timerman Saturday urged a boost to the south American country ‘s trade ties with China, saying a free trade agreement (FTA) between Beijing and the Common Market of the South (Mercosur) could be “extraordinary”.

Mr. Timerman is scheduled to visit Shanghai and Beijing on September 5-9, leading a delegation of entrepreneurs, including; food, wine, cosmetics, pharmaceuticals, oil, iron and steel to tap business potentials in China.

“There is the possibility that Chinese companies make their purchases directly. We will meet with 3 Chinese companies because we know their projects,” said the minister.

Regarding a free trade agreement (FTA) between the Mercosur and China, Mr. Timerman said: “At this moment there is no dialogue about the issue, but I think we are going to arrive at that point as we deepen the bi-lateral ties.”

Argentina and China forged diplomatic ties in Y 1972. China is Argentina’s 2nd largest trading partner after Brazil, with trade volume of US$13.5-B last year.

Touching on the crisis that faces the World, the former Argentine Ambassador to the United States said “there is a real chance of co-operation between Latin America and China to set up an anti-crisis fund in the region.”

The foreign reserves of regional central banks are the World’s 4th or 5th while China’s reserves are the World’s 1st. Mr. Timerman said countries in the region need to think very seriously what to do with them and not to be affected.