Trade Facilitation, Export Finance Featured in Commercial Dialogue with Argentina
At the inaugural ministerial meeting under their bilateral commercial dialogue in Washington, D.C., Oct. 27, the U.S. and Argentina emphasized the progress they have made in further improving trade and investment ties since the dialogue was launched last March. The dialogue is part of what Commerce Secretary Penny Pritzker called a “renewed commercial engagement” that recognizes Argentina’s “impressive” efforts to develop “policies designed to improve and sustain the economic health of the country and secure long-term prosperity for Argentines.” The next ministerial meeting will be held in Argentina in early 2017.
Trade Facilitation. The two sides agreed to a work plan to develop a framework and principles for institutionalizing a public consultation mechanism that encourages innovation, facilitates the rapid and secure movement of goods, and improves the competitiveness of supply chains in the global economy. They have also agreed to work together in support of customs modernization initiatives and policies that facilitate express delivery across borders. The U.S. will host an interagency Argentine delegation in early 2017 to demonstrate how U.S. express delivery providers work with U.S. Customs and Border Protection to ensure the rapid and secure entry of goods.
Export Financing. The Export-Import Bank and the Argentine Bank for Investments and Foreign Trade will explore export financing and enterprise programs, especially for small and medium-sized businesses. The countries will also collaborate to develop best practices and enhance operating standards and staff capabilities within their export credit agencies.
Trade Remedies. Technical experts in the two countries’ trade remedy authorities held an exchange in September to gain a deeper understanding of how they administer their respective trade remedy laws.
Investment Promotion. Officials agreed to share best practices regarding national investment attraction processes and services and investment agency structure and metrics and to identify opportunities to support bilateral investment flows. Both SelectUSA and the Argentine Investment and Trade Promotion Agency will look to identify and progressively incorporate into the cooperation agenda issues and challenges defining FDI flows in the next decades.
Good Regulatory Practices. A Sept. 27 roundtable in Buenos Aires addressed the importance of regulatory coherence to strengthening industry and promoting greater trade and investment. The two sides plan to exchange information and experiences to encourage meaningful public engagement, the use of regulatory impact analysis, and increasing interagency consultation and coordination with the goal of eliminating unnecessary regulatory barriers to trade and investment.
Economic Development. The U.S. Economic Development Administration has shared with Argentina best practices on how to develop comprehensive strategies to increase economic development through production and competitiveness. The two sides have agreed to identify sectors, states, and regions for collaboration on sustainable economic development and opportunity as well as research techniques for maximizing the workforce, promoting the use of technology, and effectively using public funds toward infrastructure.
The U.S. Trade and Development Agency will reopen its program in Argentina for the first time since 2005 and will prioritize the advancement of transportation, information technology, and clean energy projects to support Argentina’s infrastructure development goals.