WASHINGTON, Nov 14 (KUNA) -- The U.S. and Argentina have reached a framework for a reciprocal trade and investment agreement, aiming at expanding trade exchange and removing trade barriers and tariffs.
In a joint statement issued late Thursday, both countries' governments said U.S. President Donald J. Trump and President Javier Milei reaffirm the strategic alliance between the U.S. and Argentina, grounded in shared democratic values and a common vision for free enterprise, private initiative, and open markets.
In pursuit of a stronger, more balanced economic partnership, the U.S. and Argentina have agreed to a framework to deepen bilateral trade and investment cooperation. This Framework for an Agreement on Reciprocal Trade and Investment (Agreement) seeks to drive long-term growth, expand opportunity, and create a transparent and rules-based environment for commerce and innovation, it said.
The outcome reflects the countries' shared ambition and values, and builds on actions Argentina has already taken to modernize its trade and investment regime and foster reciprocal conditions, it added.
Under the agreement, both countries will open their markets to each other on key products. Argentina will provide preferential market access for U.S. goods exports, including certain medicines, chemicals, machinery, information technologies products, medical devices, motor vehicles, and a wide range of agricultural products, it said.
In recognition of Argentina's ambitious reform agenda and its trade commitments, and consistent with Argentina's compliance with relevant supply chain and economic security requirements, the United States will remove the reciprocal tariffs on certain unavailable natural resources and non-patented articles for use in pharmaceutical applications, it noted.
In addition, the U.S. may positively consider the effect that the Agreement has on national security, including taking the Agreement into consideration when taking trade action under Section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862). Furthermore, the countries have committed to improved, reciprocal, bilateral market access conditions for trade in beef, according to the joint statement.
Argentina has dismantled many non-tariff barriers that restricted access to its market, including import licensing, ensuring a more level playing field for international trade, and with this Agreement has committed not to require consular formalities for U.S. exports to Argentina. Argentina will also phase out the statistical tax for U.S. goods, it added.
The U.S. and Argentina will work expeditiously to finalize the text of the Agreement for signature and undertake their respective domestic formalities in advance of the Agreement entering into force, said the joint statement.
The countries will review implementation of the Agreement and continue close coordination on trade and investment matters through the Trade and Investment Framework Agreement, and the Innovation and Creativity Forum for Economic Development, concluded the statement. (end) asj.mt