Foreign Minister Li Zhaoxing and Argentine Foreign Minister Rafael Bielsa signed a memorandum of understanding on Wednesday to recognize China's market economy status during President Hu Jintao's state visit.

Under the memorandum, Argentina waives its right to raise anti-dumping barriers against Chinese goods.

Both sides agreed to actively cooperate in infrastructure, housing, energy, agriculture, basic industries, education, science and technology. They also agreed to make efforts to rapidly expand investment and trade and to hold relevant working group meetings in the early half of next year to ensure progress.

On Tuesday, Argentine officials announced that China is expected to invest more than US$19 billion in their country over the next 10 years, deepening trade links between the world's fastest growing economy and South America's second largest.

This includes a pledge to invest US$8 billion in the coming years to expand Argentina's railway system, US$6 billion over five years in construction projects and US$5 billion for oil exploration.

(Xinhua News Agency, CRI.com November 18, 2004)