Johannesburg - Since the enforcement of a binational agreement between the two countries, trade between South Africa and Argentina had grown significantly.

In 2011, South Africa's exports to Argentina totalled US205 million (about R1800 billion), representing a 45 percent growth over 2010, the department of international relations said in a statement after the third meeting of the South Africa-Argentina Binational Commission in Pretoria on Friday.

During the same period, South Africa imported US1.08 billion (about R9.3 billion) worth of goods from Argentina, showing a 23

percent growth.

Both delegations noted with appreciation the benefits of their bilateral relationship and reiterated their commitment to strengthening political and economic relations through continued co-operation in the various sectors.

They exchanged views on ways to address the negative impact of the vulture funds' activities on debt restructuring schemes and development strategies, particularly in Africa and Latin America.

On regional issues, they discussed the prevailing political, economic and security situation in their respective regions.

The two delegations expressed their commitment to the African agenda and reiterated the need to reform the multilateral institutions, including the United Nations Security Council and the Bretton Woods institutions to better represent the interests of developing countries.

South Africa and Argentina both sought to expand their value chains and increase employment, thus profiting from the economies of scale that enlarged markets offered.

They said bilateral relations were key to creating new trade and investment opportunities.

Both countries decided to look at the limitations that developing countries faced in the context of the current global economic situation and explored possibilities for financing development activities. - Sapa