China and Argentina celebrate 50 years of diplomacy
Today marks the 50th anniversary of diplomatic relations between China and Argentina.
To commemorate ties, Argentinian president Alberto Fernandez placed a wreath at Chairman Mao Memorial Hall in Beijing and praised the Communist Party’s ‘great achievements.’ Chinese officials responded by highlighting their friendship and similar governing philosophies.
Days before the anniversary, Fernandez and Chinese president Xi signed a Memorandum of Understanding (MOU) on the Belt and Road Initiative, which included $23.7 billion in investment agreements. The governments signed cooperation agreements in several economic and technological areas. They also agreed to launch a currency swap and support each other’s territorial goals in Taiwan and the Falkland Islands. In the short term, the agreement will help Argentina in its post-pandemic economic recovery.
The MOU is China’s most recent success in securing influence in Latin America. Argentina’s willingness to work with China is likely to set a precedent for other Latin American countries. In the coming year, expect China to seek similar agreements with Colombia, Latin America’s fourth-largest economy. China has already invested in Bogotá’s railway system and 5G infrastructure. If the US continues to take little action, Colombia’s dependence on Chinese investment will deepen. Colombia could formally join the Belt and Road Initiative by the end of Colombian president Duque’s term.
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