Repaying Favors

I. An important visit for foreign trade and investment in Argentina

OECD Secretary-General Mathias Cormann met in Argentina with Foreign Minister Diana Mondino and other members of the national cabinet, including Minister of Deregulation Federico Sturzenegger, to formally begin implementing the accession roadmap for Argentina to join the OECD as a full member.

Aligning with the guidelines of this international organization is undoubtedly one of the most important challenges facing our country, given the extent and depth of the changes required for accession.

II. Cormann and his election

Cormann was elected OECD Secretary-General in March 2021, replacing Mexico's Ángel Gurría. Born in Belgium but a naturalized Australian, and Australia's Minister for Finance for 7 years, he ran a lobbying campaign that took him to 20 countries, securing the support of the US and winning the election from behind.

Meanwhile, Katherine Tai, the daughter of Taiwanese parents, was chosen to head the USTR (Office of the US Trade Representative). In both cases, the Biden administration had shown that China is its priority in trade diplomacy, drawing on two experts with ties to China's neighbors, Australia and Taiwan.

III. Returning favors

Australia, for which China is by far its main export destination, with more than USD 135,063 million in 2023, maintains a tense relationship with the Asian giant.

Tensions began in 2018, when Australia sided with the US position, becoming the first country to ban Huawei from supplying 5G, and in 2020, when it accused China of causing COVID.

The Australian government's bet in securing the OECD leadership for Cormann is a way of having the US repay, with a small favor, the role it played as a supporting actor in the trade war with China.