The Argentina firm joins the ranks of the international producers authorised to enter the Asian country's market.
Argentina's Sancor dairy company has been authorised to sell baby formula to China, Cabinet chief Jorge Capitanich said Monday during his daily press conference, which would make the company one of the 65 international firms allowed to operate in the Asian country.
In 2012, Sancor announced a partnership with U.S.-based Mead Johnson Nutrition, the global leader in infant nutrition, to produce formula for Argentina and neighbouring countries. The two companies created Nutricion para el Cono Sur S.A., and Sancor produces nutrition formulas sold in Argentina, Uruguay, Paraguay, Bolivia and Chile. Sancor also manufactures all the Mead Johnson products sold in Brazil.
Trade between China and Argentina amounts to roughly $15 billion a year, according to government figures.
Besides a market for Argentine exports, China has been a partner to Buenos Aires for currency swaps and an investor in power plants and an overhaul of the South American country’s railway network.