There are few state policies that survive a change of government in Argentina, its foreign policy with China is one of them. Amidst a debilitating economic and health situation, on September the 29th, the chinese premier invited the Argentinian president Alberto Fernandez to pay the eastern nation a state visit. This high honor was met with a promise by the argentine authorities to start negotiations to join the “Belt and Road Initiative”.
Through peronist governments as well as Mauricio Macri’s tenure, new agreements, trade deals, nuclear power plants and even a deep space observation base in the Patagonia have signaled a strong decision by Argentina's ruling elites to go East. Argentina has never had a great relationship with the United States and this new confrontation for world influence with China is being welcomed in the halls of power in Buenos Aires as a possibility to achieve the best possible results by flirting with both powers.
China has been trying to increase its world influence, especially through its “Belt and Road initiative”. This massive infrastructure and economic relations project first aimed at connecting Europe and Beijing, and that has since been expanded to add Africa and Latin America. Its main aims are to guarantee a steady provision of imports for China and its growth, but more importantly reliable channels for its exports. Signatory countries are promised to gain access to chinese markets and often badly needed infrastructure projects. Latin America has so far been torn over what to do given that Washigton is pressuring the region to stay out of the deal. Until recently, the main players in the region have remained loyal, however, allegiances are shifting .
To date, the only latin american countries that remain outside the treaty are Brazil, Argentina, Colombia and Paraguay. These countries are all traditional allies of the United States except Argentina. Being a Latin American nation, Washington's influence in the country has always been present, yet chinese markets are a fundamental destination for argentinian exports. For the past two decades Argentina has been playing a double game trying to maintain an equal distance between the United States and China.
Argentina has been more dependent on Washington in the past few years, since its support was instrumental to obtain a 55 billion dollar IMF bailout in 2018. Yet, with a new government in power and after securing a successful negotiation with private bondholders in Septemberand a positive outlook for negotiations with the IMF, Fernandez seems confident enough to change course. At the same time, China is looking for a prime ally in the region and with Brazil's Bolsonaro strongly siding with Washignton, Argentina may look like a strong contender. As China increases its influence in the region, it may soon be Argentina’s number one export destination, displacing the traditional brazilian market.
With the arrival of the “Belt and Road” initiative to the America’s, the fact that Latin America’s third largest economy and a G-20 member is aiming at entering the deal is proof that the historical balance of power in America’s backyard may be soon shifting. Argentina is aiming at becoming a strong chinese ally without overtly breaking cordial relations with Washigton, the question remains if both or either of the superpowers will go along with this game or will request Argentina to choose sides.