Perseteruan dagang China VS Argentina Tuesday, April 6th 2010 - 02:45 UTC Argentina protests Chinese sanitary restrictions on soy-oil imports
Argentina formally protested on Monday a possible move by China to block imports of Argentine soybean oil in a trade row that threatens a key export of the country and last year involved almost 1.5 billion US dollars. Jorge Taiana summoned Chinese ambassador Gand Zeng Jorge Taiana summoned Chinese ambassador Gand Zeng Argentine Foreign Minister Jorge Taiana summoned China's ambassador in Buenos Aires Gang Zeng to discuss the potential Chinese measure. According to Argentine diplomatic sources China "is willing to hold contacts that can help find a solution to the problem". Last year, Argentina, the world's leading soy-oil seller, exported to China 1.84 million tons of soy-oil worth 1.4 billion USD and a prolonged conflict could end up benefiting US or Brazilian soy oil exports, analysts said. The Argentine response came after Chinese companies were called to an emergency meeting last week in Beijing and urged not to buy Argentine soy oil in retaliation for the country's decision to restrict imports of Chinese products, including shoes and steel pipes. As the global economic crisis grew in late 2008 and early 2009, Argentina restricted Chinese imports to shield its industries from import competition. A trade body under China's Ministry of Commerce told traders to cancel soy oil cargoes from Argentina because Chinese authorities planned to raise standards on the imports to levels which Argentina currently does not meet. The disposition of the Chinese sanitary authorities established a maximum of 100 parts per million of hexane-solvent residues used in the extraction of oilseed oils in the shipments of crude soy oil.
