🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

Uruguay seeking China trade deal despite misgivings from neighbors

Published 07/20/2022, 04:22 PM
Updated 07/20/2022, 05:41 PM
© Reuters. FILE PHOTO:  Uruguay's Foreign Minister Francisco Bustillo arrives at the ninth Summit of the Americas, in Los Angeles, California, U.S., June 8, 2022. REUTERS/Lucy Nicholson

ASUNCION (Reuters) - Uruguay will push for a free trade agreement with China, the South American country's top diplomat said on Wednesday, even as it faces resistance from some of its neighbors who favor regional trade talks over deals involving just one nation.

Uruguayan Foreign Minister Francisco Bustillo made the comments just outside the Paraguayan capital of Asuncion during a regional diplomatic meeting attended by the Mercosur bloc of countries, Argentina, Brazil, Uruguay and Paraguay.

"We've been transparent and we've told all major partners about our intention," said Bustillo, who pledged more dialogue while describing Mercosur as an imperfect free trade zone in need of an ambitious but pragmatic agenda.

For years, Beijing has sought closer trade ties with the emerging markets of South America, in large part to secure raw materials including grains and oil for its own growing economy.

Last week, Uruguayan President Luis Lacalle Pou said his country will launch formal trade negotiations with the Asian giant, in order to boost exports of raw materials, industrialized products and technology.

But during Wednesday's foreign ministers meeting, which is being held on the eve of a presidential summit, other ministers stressed the importance of negotiating as a bloc, in line with Mercosur rules requiring member countries to negotiate such deals in consensus.

Solo trade agreements would be "distorted" and "much more costly for our national and regional capacities," said Argentine Foreign Minister Santiago Cafiero.

Brazilian Foreign Minister Carlos Alberto Franca suggested a need to be flexible while preserving "central elements of our integration."

© Reuters. FILE PHOTO:  Uruguay's Foreign Minister Francisco Bustillo arrives at the ninth Summit of the Americas, in Los Angeles, California, U.S., June 8, 2022. REUTERS/Lucy Nicholson

Paraguay, which does not have diplomatic relations with China due to its diplomatic ties with Taiwan, would like to see compliance with "the letter and the spirit" of Mercosur rules on decision-making consensus, said Foreign Minister Julio Cesar Arriola.

(This story corrects attribution in paragraph 5 to Uruguayan president instead of foreign minister)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.