Economic Watch: China, Uruguay to elevate economic, trade cooperation

BEIJING, Nov. 25 (Xinhua) -- China and Uruguay will see enhanced economic and trade cooperation in the future as the two countries have pushed their bilateral relations to a new height.

The two heads of state announced the elevation of bilateral relations to a comprehensive strategic partnership in Beijing on Wednesday.

Zhang Yong, a senior research fellow with the Chinese Academy of Social Sciences, said that the Uruguayan president's visit to China this week will deepen bilateral strategic cooperation and promote high-quality Belt and Road cooperation, adding that the bilateral economic and trade cooperation will enjoy broad prospects.

Data from the General Administration of Customs showed the trade volume between China and Uruguay reached 7.44 billion U.S. dollars in 2022, 60 times that of when the two countries established diplomatic ties.

Among them, China's imports from Uruguay reached a new high of 4.46 billion U.S. dollars, a yearly increase of 23 percent. China has been Uruguay's largest trading partner and export market for 11 consecutive years.

Agricultural products have been a shining spot in China-Uruguay economic and trade cooperation in recent years.

"Animal husbandry is one of Uruguay's pillar industries, and 80 percent of Uruguayan meat products is exported, more than half of which goes to China," said Conrado Ferber, president of the national meat institute of Uruguay.

Ferber said that China's opening up to the world is very much conducive to global trade, especially to a major meat exporter like Uruguay. He said China's open and massive market is an ideal destination for Uruguayan exports.

Besides the agricultural sector, the two countries have also achieved fruitful cooperation results in infrastructure, clean energy, agricultural science and technology, and other areas.

Zhang said that China and Uruguay complement each other in economic structure and advantageous industries.

Under frameworks such as the Belt and Road Initiative, the Asian Infrastructure Investment Bank and the New Development Bank, the bilateral cooperation will shift towards trade, investment and finance, and will have huge potential.

"In the future, the economic and trade cooperation between the two countries is expected to see new growth points in sustainable development areas such as infrastructure, the digital economy, finance, trade in services, the green economy, and energy transition," Zhang said.