Bolivian newspaper El Nacional reported Sunday that Argentina and the People’s Republic of China have agreed to the largest trade deal in history.
The agreement includes a $800 billion trade and investment pact and an investment of $1.1 billion in infrastructure and agriculture projects.
Argentina and Chinese President Xi Jinping will sign the agreement on Monday, El NACional reported.
The deal also includes the creation of a joint economic zone that will include Bolivia’s oil and gas reserves.
El Nacron reported that the agreement is a result of a four-year effort to create a new regional economic zone, and it will be one of the first bilateral agreements between two countries.
The Bolivians, who have a large agricultural and manufacturing sector, have struggled with the lack of foreign direct investment and competition in recent years.
China is one of South America’s top oil producers, but has struggled to diversify its economy as a result.
The country has had a hard time attracting foreign investment in recent decades, and is facing an economic slowdown due to a global financial crisis.