Today, the Argentine Foreign Minister signed Argentina's accession to the Treaty of Amity and Cooperation in Southeast Asia, a bloc that accounts for 3.4% of global GDP and 7% of global trade.
Today, Foreign Minister Jorge Faurie attended the 51st Foreign Ministers’ Meeting of the Association of Southeast Asian Nations (ASEAN) in Singapore and signed the accession of the Argentine Republic to the Treaty of Amity and Cooperation in Southeast Asia (TAC), a bloc comprised of 10 countries that account for 3.4% of global GDP and 7% of global trade.
"On this historic occasion, I want to express Argentina's strong commitment to forging closer ties with ASEAN for the benefit of our peoples," the Argentine Foreign Minister stated in Singapore in the presence of his Southeast Asian counterparts and thanked the members of the bloc for "supporting our TAC accession bid so quickly," which "reflects the shared interest in strengthening our relationship in areas of mutual benefit."
"Today, we make a commitment to ASEAN's main Treaty," Faurie stated during the ministerial meeting in Singapore and expressed Argentina's wish "to have the strongest relationship as possible at the political, economic, trade and cooperation levels." The Argentine Foreign Minister explained that although ASEAN "is our fourth largest trade partner and the second destination for our exports", these figures "are way below the true potential of our economies."
Faurie referred to this bloc -which was the world's sixth wealthiest economy in 2016 and the third largest economy in Asia, following China and Japan- as "one of the largest regional blocs," with "a vast track record of achievements" and "one of the most successful dynamic growth experiences in the world since the 80s." Faurie then added that "the bloc is expected to be the world's fifth largest economy by 2020."
The Argentine Foreign Minister stated that Argentina "shares the TAC principles," which are "the core of Argentina's foreign policy," such as "respect for sovereignty, non-interference, independence, international equality, territorial integrity, solidarity among peoples, the rule of international law, peaceful dispute settlement and multilateralism."
Today marked the end of Faurie's tour in Southeast Asia, which took him to Vietnam and Singapore with the aim of strengthening ties between Argentina and the region. In Vietnam -the fifth destination for Argentina's total exports and the second largest trade surplus for Argentina- Faurie was welcomed by Prime Minister Nguyễn Xuân Phúc and met with his Vietnamese counterpart, Phạm Bình Minh, and other high-ranking authorities, within the framework of the 45th anniversary of the establishment of diplomatic relations between the two countries.
In Singapore, in addition to attending the ASEAN ministerial meeting today and signing Argentina's accession to the TAC, the Argentine Foreign Minister met with Prime Minister Lee Hsien Loong, Foreign Minister Balakrishnan, the Minister for Trade and Industry and the Secretary-General of ASEAN. He also opened a bilateral Business Forum attended by businesspeople from the two countries and held talks with investment funds, Singapore ranking among the top 15 investment-making countries.
Singapore also has one of the highest GDP per capita levels in the world and a very open economy, which has made it one of the key global trade hubs and it has the third largest financial centre as well as the second busiest port in terms of goods traffic. It is the 2018 Chair of ASEAN. It exports most of its food products and is currently pursuing a policy of diversification of its supply sources.
Argentina has encouraged the beginning of negotiations for a Free Trade Agreement between MERCOSUR and Singapore. The current Argentine Government decided to reopen the Embassy in Singapore, which had been closed since the 90s, as it is a leading country in terms of trade in the Asian region. Since the Embassy reopened, the bilateral relationship has gained new impetus.
Press Release No. 315/18
