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Montevideo, December 15th 2017 - 00:50 UTC

Hammond and Macri agree to expand trade, investment and building closer links

Thursday, August 3rd 2017 - 06:50 UTC
Full article 8 comments
President Macri and Chancellor at the Olivos residence President Macri and Chancellor at the Olivos residence
Mr. Hammond with Economy minister Nicolás Dujovne Mr. Hammond with Economy minister Nicolás Dujovne
UK officials and business delegation with Jorge Faurie at the foreign ministry  
UK officials and business delegation with Jorge Faurie at the foreign ministry

Argentine president Mauricio Macri received on Wednesday Chancellor of the Exchequer Philip Hammond, who had anticipated the purpose of the visit was to deepen UK-Argentine economic partnership and address political issues of common interest, such as the 2018 G20 summit and Argentina's aspiration to join OECD.

 Mr. Hammond and a business delegation on a four day South American visit, which took off in Brazil, is the first UK cabinet minister to visit the country since 2001.

Hammond met Macri at the official presidential residence in Olivos at midday. The president was accompanied by his foreign affairs advisor, Fulvio Pompeo, and cabinet members who later held bilateral talks with the visiting chancellor: Economy minister Nicolás Dujovne, Finance minister Luis Caputo and Foreign minister Jorge Faurie.

Faurie who hosted Hammond for lunch said the two countries “are going through a very productive scenario for bilateral relations: we firmly believe that trade and investment are the best tools to expand development, create more and better jobs and prop competitiveness and productivity”

In the evening Hammond participated in a reception with Argentine officials, business people and local personalities. Thursday morning the chancellor is scheduled to share breakfast with business leaders driving trade and investment between the two countries, including in the Argentine efficient agribusiness sector.

The chancellor is leading a trade delegation including representatives from the London Stock Exchange, Crossrail International, the Bank of England, Aberdeen Assets Management, Arup, City of London, London Transport and London Underground. A source close to Hammond said: “The agenda is focused firmly on building economic ties and looking ahead to the G20.”

With the economic team, Dujovne and Caputo, the British officials discussed the G20 summit to be held in Buenos Aires next year, support for Argentina's OECD membership and increasing trade and investment following last year's thaw, confirmed in the last September joint communiqué

”We need to strengthen our trade links, and we are encouraged by UK's companies interest in participating in infrastructure projects using the PPP (private public association) system“, remarked minister Dujovne.

According to Argentine sources Hammond underlined that even with Brexit, UK has ”great interest” in achieving a trade agreement between Mercosur and the European Union, and also looking ahead pointed to a possible food accord with Argentina regarding agriculture and food.

Bilateral trade remains weak since EU members Germany, Italy and Spain are ahead of UK: in 2015 Argentine exports totaled US$ 721 million and UK sales US$ 588.5 million. Last year Argentine exported US$ 697m and imported US$ 471m from UK.

Apparently the thorny issue of the Falklands was not addressed and both countries remained in their positions.

Top Comments

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  • Capt Rockhopper

    The subject of sovereignty will never be on the table. Argentina planned and executed a military invasion. In the process they ignored two binding UN resolutions thereby causing a war they had not foreseen. The Argentine claim is dead in the water belly up.

    Aug 03rd, 2017 - 09:04 am +5
  • Brit Bob

    Apparently the thorny issue of the Falklands was not addressed and both countries remained in their positions.

    Up to the Islanders to determine how and by whom they are governed by. Common sense and UN policy.

    Falklands: 1833 Usurpation & UN Resolutions:
    https://www.academia.edu/21721198/Falklands_1833_Usurpation_and_UN_Resolutions

    Aug 03rd, 2017 - 08:26 am +4
  • Conqueror

    It's a pity that argentina isn't “pragmatic” and “rational”. According to the departing French ambassador, the UK isn't. But it is “pragmatic” and “rational” enough to be willing to expand trade and investment. I wonder if the UK will be “pragmatic” and “rational” enough to draft in some experts from the Falkland Islands to oversee the standard of foodstuffs exported to the UK?

    It always surprises me that argentina can continue to make a “claim” on some islands that were at least a thousand miles, a week's sailing, from any argentine territory at the time that the “claim” supposedly arose. Of course, argentina “claims” that it “inherited” the Islands. Then it shouldn't have been surprised when it also “inherited” the war with the UK. I could go on to list all the facts and illegalities in argentina's “claim”. But what point when, demonstrably, argentina pays no attention to facts and legalities.

    The good thing is that, with increasing trade and investment, argentina may actually make it possible for the UK to strangle it without embarking a single soldier. Just imagine a cargo of argentine beef on its way to Britain. A Royal Navy destroyer pulls alongside and tells the ship's captain to turn around as his cargo isn't wanted. We can rule out argentine investment in Britain. It doesn't have any money. But we should look to see that British investment can be easily liquidated.

    Aug 03rd, 2017 - 07:32 pm +1
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