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Beijing (UPI) Jul 14, 2010 Argentina's bid to restore $2 billion a year soybean oil trade with China faced an uncertain future Wednesday after the two countries signed 18 agreements without reaching an accord on the suspended commodity deal. Argentine President Cristina Fernandez de Kirchner is in China this week on an official visit that was originally scheduled for earlier this year but postponed when Fernandez faced internal political squabbles that threatened her presidency. Fernandez apologized to Chinese President Hu Jintao over the postponement but the cancellation aggravated a tense stand-off between the two countries over trade issues. China suspended imports of soybean oil from Argentina in apparent retaliation for Argentine curbs on Chinese goods entering the Latin American country's ports. Currently China is importing the bulk of its soybean oil from the United States and other sources as a dispute over Argentine soybean oil exports to the country remains unresolved. China said it stopped buying Argentine soybean oil because of contamination, including chemical residue. Argentina has contested the claim. With the future of Argentina's lucrative soybean oil trade in China still in the balance, Chinese and Argentine leaders paid glowing tributes to each other and spoke of long-term strategic collaboration. Queried about the soybean oil trade, Chinese officials said the issue would be resolved through further bilateral talks. Analysts said China would likely seek further concessions from Argentina in return for restoring the soybean oil trade but wouldn't let go of the close bond seen as a political bridge head for further Chinese forays into Latin America. China reciprocated to Argentina's "one China" declaration -- made at the expense of Taiwan -- by voicing public support for Argentina's sovereignty claim over the Falkland Islands. Analysts said China's support for Argentina's Falklands claim was a low-cost strategy that meant little in diplomatic terms but gave China a diplomatic edge over Britain, payback for London's myriad sins on issues as far apart as human rights, Tibet and economic and political issues between China and Britain. China wants to increase trade and investment in Argentina and has been liberal with credit and offers of collaboration in agriculture and animal husbandry, mining and hydrocarbons exploration, transportation and infrastructural developments -- areas in which China excels with turnkey projects. These include light railway and subway systems. China's state petrochemical firm Sinopec will likely become more involved in other areas of hydroelectric power generation. A $150 million credit line was also pledged. China's Foreign Ministry said the two nations would negotiate a resolution to the trade dispute over soybean oil imports. "The problem of exporting (Argentine) soy oil to China is a normal problem in the process of trade and economic development," Foreign Ministry spokesman Qin Gang told reporters. He said mutual interests and a "win-win attitude" would help resolve the dispute. In April, China accused Argentina of using "abnormal and discriminatory" trade measures. Bilateral trade totaled at $14.4 billion in 2008, making Argentina China's second largest trade partner in South America after Brazil. Fernandez is under mounting pressure at home to make the Chinese trade partnership work better in Argentine interests. Failure to reach accord on the soybean trade dispute could spell huge political trouble for Fernandez.
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