Buenos Aires, Argentina, 7 Aug – Brazil and Argentina, whose two-way trade reached a record value of US$ 30 billion this year, are to tighten their bilateral ties due to concerns over a sharp increase in Chinese imports, officials said.
“We are concerned because the increase in Chinese imports and from other Asian counties could impact on specific sectors of our economies,” said Brazilian Trade Minister Ivan Ramalho after talks with Argentina’s state secretary for industry, Fernando Fraguio.
The two government officials were in the Argentinean capital as part of regular bilateral contacts to analyze two-way trade, seek solutions for conflicts and exchange economic information, among other issues.
They both underscored the need to bolster efforts to “identify problems” that could be sparked by rising purchases of Asian products and analyze joint measures to correct this.
Brazil is the main destination for Argentinean exports (19 percent of total) and China is second placed ((9 percent). Argentina’s main supplier of goods and services in Brazil (32 percent) followed by the United States (12 percent) and China (11 percent). (macauhub)