Henry Foy Published November 3 2026 Jump to comments section Print this page Good morning. Today, our trade correspondent reports on Argentina’s unexpected pitch to the EU for closer partnership, and I reveal concerns over the potential threat posed by Chinese wind turbines to European power grids. This article is an on-site version of our Europe Express newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday and fortnightly on Saturday morning. Standard subscribers can upgrade to Premium here, or explore all FT newsletters Europe Express is edited by Mari Novik. Read the previous edition here. Please send tips, thoughts and feedback to [email protected].
Friends with benefits Argentina is keen for closer ties to the EU, offering gas, food and critical minerals to the bloc as it tries to diversify its sources, its ambassador to the EU tells Andy Bounds. Context: Argentina’s libertarian president Javier Milei has raised suspicions among many EU governments for his close ties to US President Donald Trump and his declarations that Europe is “sinking” under the weight of excessive regulation and immigration. But he did agree to a regional trade deal with the EU.
Milei’s envoy to Brussels, Fernando Iglesias, told the FT that the Mercosur trade deal, which took effect in May, could help transform Argentina from friend to partner. “We want to be part of the solution for European challenges. We bet on becoming a long-term supplier of high-quality and cheap food and energy to Europe,” he told the FT.
Iglesias could be the man to build bridges. He is such an admirer of the EU that he studied Altiero Spinelli, the federalist former Italian commissioner, and also worked in Europe as a volleyball coach. He said Milei wanted to integrate the previously protectionist country into global supply chains and attract foreign companies. The pitch comes as the EU and Canada work on a potential far-reaching trade and investment relationship across the Atlantic. Argentina has similar goods to sell.
“The value of the Mercosur agreement is not just trade. It is geopolitical and also about investment. We want to strengthen our partnership with democratic countries and become part of supply chains with all of them,” he said. “Improving our relationships with democratic countries is a central policy of our government.”
Iglesias gave the example of mining, where Argentina wants to exploit its mineral reserves vital for the green transition. In 2020, Chile exported $40bn worth worldwide, Argentina just $2.6bn. “Bolivia has mainly tin and Chile has mainly copper. Chilean exports are 10 times higher from the same mountains, the Andes,” Iglesias said. “We have lithium, copper and raw materials, and a big opportunity for investment in the short and long term.”
Italian energy company Eni is already active in the country. It is committing to a $51bn project to develop the vast Vaca Muerta formation along with local company YPF and XRG of the United Arab Emirates. According to the US Energy Information Administration, Vaca Muerta is the second-largest shale gas reserve in the world and fourth-largest deposit of shale oil. The project includes infrastructure and vessels to ship liquefied natural gas — which is in huge demand in Europe.
Chart du jour: Off the rails French rail group Alstom has missed analysts’ earnings forecasts every year since 2018, writes Lex, as one disruption begets the next.
Blowing in the wind Chinese-made wind turbines create “exposure to economic coercion, technological interference and data exploitation” for European economies, a new report has warned. Context: The EU is restructuring its energy and electricity markets in favour of renewable sources to reduce reliance on imported fossil fuels from countries such as Russia, and shrink its carbon emissions. But officials are wrestling with the challenge of pivoting to green technologies where Chinese firms are dominant. Chinese-made wind turbines risk giving ...
Source: Financial Times Companies · Summarized by HeadlinesBriefing