Presidents Mauricio Macri of Argentina and Xi Jinping of China announced the more than 30 agriculture and investment deals during a state visit following the G-20 summit of leaders in Buenos Aires.
The deals include an agreement to export Argentine cherries to China and an expansion of a currency swap.
China is among Argentina’s top export markets, especially for agricultural commodities that are the engine of its economy. It is also one of Argentina’s biggest lenders, financing about $18.2 billion in infrastructure and other projects, according to the Inter-American Dialogue, a Washington-based think tank.
“China’s development benefits Argentina, our region and the world,” Macri said during a ceremony at the presidential residence in the outskirts of the Argentine capital.
The visit comes after U.S. officials said they had reached a 90-day truce in the trade dispute with China that has rattled financial markets and imperiled global economic growth. That announcement followed a Saturday dinner meeting between Xi and President Donald Trump following the G-20.
Xi said that Argentina and China agree that the G-20 spirit should prevail and encourage multilateralism.
Xi will go on to visit Panama, which has been negotiating a free-trade deal with China after shifting its diplomatic recognition to Beijing from Taiwan last year, a move that led to complaints from U.S. officials.
Chinese companies operate ports on both ends of the Panama Canal, which for most of the 20th Century had been seen as a symbol of U.S. influence.