If there’s one thing that Argentina is known for, it’s the quality of its meat. Tourists flock here for a taste of the famous asados, and after today’s news, it seems as though at least the Chinese will be able to stay right at home in order to enjoy them.
Moving forward, China will have access to a wider variety of Argentine beef and lamb cuts, which will also give Argentina better access to China’s massive consumer market.
After 15 years of negotiation, officials from both countries sealed the deal. Argentina’s Ambassador to China, Diego Guelar emphasized the importance of this move, calling it a “historic achievement.” China’s deregulatory move is a win for the Macri administration, and a major addition to his goals regarding economic growth.
While a bilateral agreement on beef trade may seem small, it’s actually a really big deal. Argentina is the world’s third largest beef exporter, following Australia and Brazil, and beef signifies one of its main exports. In November 2017 alone, beef brought in a shiny total of US $1.17 billion in export revenues.
According to statistics from the IPCVA (The Argentine Beef Promotion Institute), China is already the destination of 46 percent of Argentine meat exports, and with this new measure, that number will continue to grow. In the first eleven months of 2017, Argentina exported 86.5 thousand tons of beef to China, cashing in at more than US $360 million.
The newly approved cuts include chilled beef and meat on the bone, as well as Patagonian lamb. Hernán Viola, the agricultural consultant for the Argentine embassy, said that this change is a “great opportunity to diversify our meat exports with our primary commercial partner.”