BUENOS AIRES – The Argentine Industrial Union (UIA), the largest employer in the country, has reiterated its concern over the consequences of certain points of an economic cooperation and investment agreement with China.
The issue, for which the UIA had already expressed concern two weeks ago, was taken up again Tuesday at a board meeting of the UIA directors.
After the meeting, the UIA said in a statement that it is worried about the “negative effects that the implementation of such an agreement might have on production and national employment.”
The agreement with China, already approved by the Senate, will be debated on Wednesday for its ratification in the Chamber of Deputies after which it would await presidential approval.
The UIA recalled the importance of this parliamentary debate given the strong impact that the agreement can have for the future development of Argentina and its industry.
Industrialists have raised particular concern by the scope of the two articles of the agreement relating to the direct allotment to Chinese companies of Argentine infrastructure projects with Chinese financing and the conditions of the entry of labor from China.
China is Argentina’s second largest trade partner after Brazil.
According to the latest official data, in the first nine months of 2014, Argentine exports to China accounted for $4.36 billion, a 9 percent fall compared to the same period in 2013, while its imports from China amounted to $8.27 billion, with a year-on-year drop of 2 percent.