From: OVERSEAS BUSINESS REPORTS (ARGENTINA)
University of Missouri-St. Louis
Match 12 DB Rec# - 25,534 Dataset-MARKET
Source : USDOC, International Trade Administration
Source key :IT
Program key :IT MARKET
Program :Market Research Reports
Update sched. :Monthly
ID number :IT MARKET 111103601
Title :ARGENTINA - OVERSEAS BUSINESS REPORT - OBR9211
Data type :TEXT
End year :1992
Date of record:12/17/1992
Keywords 1 :
| ENTERPRISE FOR THE AMERICAS
| LATIN AMERICA
| LATIN AMERICAN COUNTRIES
| LATIN AMERICAN FREE TRADE ASSOCIATION
| LATIN AMERICAN GROUP
| ORGANIZATION OF AMERICAN STATES
| SOUTH AMERICA
| SOUTH AMERICAN COUNTRIES
| SOUTH AMERICAN GROUP
| WESTERN HEMISPHERE
ARGENTINA - OVERSEAS BUSINESS REPORT - OBR9211
This article is derived from a report dated November 1992, prepared at the
U.S. Government - U.S. Department of Commerce, Washington, DC. The article
consists of 53 pages and discusses the economic and commercial climate in
Argentina, with emphasis on information useful for potential U.S. sellers
Imports - 1991 (c.i.f. value) $8.1 billion. Leading foreign suppliers:
United States, Brazil, Germany. Principal imports: machinery,
transportation equipment, chemicals.
Exports - 1991 (f.o.b. value) $11.9 billion. Leading export markets: United
States, Brazil, EEC. Principal exports: grains, oilseeds, beef, leather,
Trade Policy - Market oriented; few restrictions; no payment limitations; no
NTBs except for autos.
Balance of Payments - Current account balance, 1991: (-)$1.8 billion,
foreign trade balance, 1991: $3.8 billion.
Trade prospects - Best sales prospects for U.S. exporters include: oil and
gas field equipment, computers and peripherals, telecommunications
equipment, electronic components, medical and scientific instruments, food
processing and packaging equipment.
GDP - $89.5 billion (1991), 5.0 percent real growth (est.) in 1991.
Inflation - Consumer price index (CPI), 1991: 84 percent.
Government Budget - Government operational surplus as % of GDP, 1991:
Foreign Debt - $61 billion, year-end 1991.
Agriculture - Chief products: wheat, corn, sorghum, sugar, soybeans, apples,
grapes, livestock products.
Industry - Major sectors: food processing, motor vehicles, consumer
durables, textiles, metallurgy, chemicals, oil and gas.
BASIC ECONOMIC FACILITIES
Transportation - National transportation network well developed. In terms
of tons-kilometers, freight transport is carried 49 percent by highway, 18
percent by river and coastal sea, 22 percent by pipeline (petroleum and
gas), and 11 percent by rail.
Communications - Two companies Telefonica de Argentina and TELCOM provide
telephone, telex, facsimile, and data transmission services. Approximately
three million telephone lines (10 telephones per 100 people). Cellular
system for greater Buenos Aires, provided by Movicom with nearly 2,000
Energy - Electric energy produced (1991): 47,500 Mwh, generated as follows
(in percent): steam 41, internal combustion 3, hydroelectric 45, and nuclear
Land - Total land area 2,771,300 sq. km. (1.1 million sq. miles); about the
size of the United States, East of the Mississippi River. The fertile
plains (pampas) are among the richest agricultural lands in the world.
Climate - Varied, predominately temperate.
Minerals - lead, zinc, tin, copper, iron ore, manganese, oil, uranium.
Forestry - Approximately 2 million acres of forest. The tropical north
(Chaco) is the world's chief source of quebracho extract.
Fisheries - Total catch projected for 1990: 600,000 metric tons. Principal
species: hake, skid, shrimp, anchovy.
Size - 33.0 million (1991 estimate). Annual growth rate (1991 estimate) 1.2
percent. Density 27.6 inhabitants per square mile. Buenos Aires
metropolitan area, 12.1 million population. Other major cities: Cordoba,
Rosario, La Plata, Mendoza.
Ethnic Groups - European, 97 percent, mostly Spanish and Italian.
Education- Literacy 96 percent. Seven years compulsory education.
Health - Infant mortality rate 30/1000. Life expectancy 70 years.
Labor - Labor force (1991), 13 million.
With its wealth of natural and human resources, Argentina possesses great
potential for economic development, which it may now be striving to
develop. Its large and fertile plains, known as the Pampa, are among the
world's richest agricultural areas. Other basic resources have barely been
developed, including potentially large mineral deposits in the Western
sections of the country and substantial petroleum and gas deposits in
various locations. The manufacturing and processing industries are
well-developed, but in many cases were highly protected, and some employ
modern technology to produce a wide variety of products. The country is
generally self-sufficient in energy supplies. Argentina's 33 million
inhabitants have over the years enjoyed a high standard of health and
education services, which compared favorably with many industrialized
countries. With an adult population over 95 percent literate, the Argentine
labor force of 13 million is considered highly skilled.
Argentina is composed of 23 provinces, the Federal Capital of Buenos Aires,
and the Atlantic Islands. The Federal Government and each Provincial
Government have a Senate and a Chamber of Deputies. The municipal
government of the Federal Capital is administered by a mayor appointed by
the President of the country.
Over the last 50 years, the Argentine economy, which was the 10th ranking
economy in the world before the mid-1930s, has suffered continuous economic
deterioration lurching from one economic prescription to another. The deep
political divisions that marked nearly the whole post war period finally
ended in 1983 with the collapse of the last military regime.
These deep divisions within the Argentine political community were in part
associated with questions concerning the appropriate role of the government
in the economy. Excessive government intervention marked the period
intellectually fed by the so-called import substitution model that called
for strong government intervention in rule-making, ownership of productive
activities, and subsidized infrastructure services to the quasi-monopolistic
In the early 1980s, a series of adverse events or policies crippled the
Argentine economy. The failed military invasion of the Malvinas sharply
reduced confidence in the ability of the military to govern the country.
Civilian political support rapidly evaporated and is unlikely to resurface
in the next decades. In addition to failed military policies, these
governments were unable to solve the external debt crisis and to establish
sustainable economic growth.
Out of the political chaos of the period 1974 to 1982, the country turned to
democratic processes and to political parties to restore coherence to the
country's economic and political institutions. In 1983, the Radical Party
led by President Alfonsin was elected to find solutions to both the
political and economic problems besetting the country.
President Alfonsin took initial steps to open the economy to market forces:
allowing foreign participation in the petroleum sector; reducing the average
level of tariffs; reducing or eliminating some non-tariff barriers; and
attempting to privatize the national airlines and telephone companies.
However, these efforts were overshadowed by failed macro-economic policies
to control inflation.
This failure to sustainably correct macroeconomic imbalances led to the
defeat of the Radical Party in the democratic elections of 1989. For the
first time in the last 60 years, there was an election in which the
opposition political party won and a peaceful transfer of power was
effected. Given the hyper-inflationary conditions, it was a surprise to
witness the peaceful transfer of political power. In fact, President
Alfonsin transferred the reigns of government five months early to allow the
new President, Carlos Menem, the opportunity to introduce economic policies
to control inflation.
President Carlos Menem assumed office on July 9, 1989 and introduced
immediately a radical approach to the problems of the economy. He adopted
measures which were at variance with the traditional "statist" approach
usually associated with the Peronist party. He adopted some economic policy
approaches advocated by the Radical party candidate, Eduardo Angeloz.
President Menem appeared to recognize immediately the need to take drastic
measures to restore confidence in the economy. His administration focused
almost immediately on restructuring the public sector and on emergency
measures to stabilize the economy. These measures included laws to reduce
the role of government in the economy, to liberalize the foreign trade and
investment regimes, and measures to eliminate financial causes of inflation.
Since the introduction of these early economic policy measures, the Menem
administration has consistently moved toward fully opening its economy to
market forces. Slippage in policy implementation, particularly in dealing
with the fiscal problem, has required continuous adjustments in
macroeconomic policy, but always in the direction of stopping inflation,
stabilizing the financial markets, and generally liberalizing the economy.
Simultaneously, the government reduced its role in the economy by selling or
closing state-owned enterprises, removing or reducing regulatory impediments
in the market (including elimination of virtually all price controls),
rationalizing the tax system, and reducing the size of public sector
employment. Successful privatization of some railroads, the telephone
company, and partial success with the national airline are clear indicators
of the seriousness of the Menem government to encourage domestic and foreign
private participation in promoting Argentine economic competitiveness.
The economic policies are being combined with efforts to renovate the
political structure. Various political actors in Argentina are seeking to
reform the 1853 Constitution, as amended, to modernize the political
framework underpinning the system of governance. In 1993, these groups plan
to convene a constitutional assembly to rewrite the constitution. The risks
associated with this plan are manifold, including the possibility that
unreasonable restrictions will be placed on economic policy-making.
Moreover, those that have legitimate concerns with the present constitution
will be encouraged to include a provision to permit presidential
re-election, currently forbidden. This could compromise the ability of the
present Argentine government to carry-out pending economic reforms.
Senior policy officials understand that for reforms to be successful, there
is a need for growth in net investment. To this end, the Administration has
set out to establish legal and regulatory environments that will increase
transparency, consistency, and stability to attract domestic as well as
Analysis of the structure of the Argentine economy, as reflected in the
Gross Domestic product (GDP) accounts (estimated by the World Bank),
indicates a decline in agriculture's contribution to GDP between 1965 and
1989 (17 percent to 14 percent) and a substantial increase in the services'
contribution from 42 percent to 53 percent. The mining sector contributes
less than 0.4 percent to Argentina's economy, yet Argentina has a 2,000 mile
common border with Chile, which has one of the largest mining sectors in the
world relative to GDP. This sector has shown little or no growth over the
past 50 years.
Industry's contribution also modestly declined in this period. This latter
reflected the traumatic effects of the economic policies followed in the
late 1970s, which saw import competition rise sharply and some domestic
industries die. While this period weakened some industries, it did
strengthen other industrial companies. The economic shocks of the late
1970s may have contributed to later improved competitiveness, setting the
stage for the economic policies introduced by President Menem and his teams.
The significant and rapid economic changes introduced by President Menem
within weeks of his 1989 inauguration had a profound psychological impact on
the country. As a Peronist candidate, it was assumed that some form of
statist economic solutions would be offered to solve the hyper-inflation
problem inherited from the previous government; instead, the President opted
for a radical liberal solution. This solution included a stabilization
program based on a devaluation, the introduction and passage by the
Argentine Congress of laws to modernize and reduce the public sector's role
in the economy, fiscal expenditure controls, reorganization of the tax
system, removal of controls on foreign investment, and privatization of some
These changes were implemented through the remainder of 1989 and 1990, but
inflationary pressures were still evident. In January 1991, the President
appointed Domingo Cavallo as Minister of Economy and centralized virtually
all economic policy-making in his hands. The Minister introduced on April
1, 1991 a very strong and complex set of policies that have proven
consistent and far-reaching.
Passage by the Argentine Congress of the "Law of Convertibility" introduced
with apparent broad political support, the most important elements of the
Cavallo policies. This included: a devaluation and a fixed exchange rate
pegged to the dollar; a monetary policy based on a quasi-gold standard,
where the money supply was directly related to changes in international
reserves and the Central Bank was virtually forbidden to finance
national/provincial governments or provincial banks; and the desindexation
of both public and private sector contracts.
Other aspects of his policies, included further liberalization of the
foreign trade regime --tariff reductions, elimination of virtually all
non-tariff barriers to trade; implementation of full deregulation of the
energy sector; tightened tax collections and increasing reliance on indirect
taxes; additional steps to control expenditures; implementation and
rationalization of the privatization process; further and significant
deregulation to permit increased private sector competitiveness; and
financial market reforms which would facilitate the development of the
domestic capital market.
These measures brought inflation to less than 30 percent between April 1,
1991 and April 1992. This compares with inflation rates of nearly 5,000
percent and 1,345 percent in 1989 and 1990, respectively. Economic growth
reached 5 percent in 1991 as unused productive capacity was brought into
production to meet growing domestic demand. Interest rates dropped and
modest medium-term lending was revived, leading to a significant
construction upsurge. Inflows of capital were quite significant reaching $5
billion in 1991 and a stock market boom occurred with the Argentine market
registering the greatest growth among developing economies.
The 1989 Reform of the State Law established the legal basis for the
subsequent privatizations of state enterprises undertaken by the Government
of Argentina (GOA). The GOA has privatized two TV stations, two radio
stations, the telephone company, the airlines, two railroads, 10,000 miles
of the road system, 56 small oil and natural gas fields, sold 50 percent of
existing large petroleum fields (joint ventures were established with YPF,
the state oil company), and a number of other companies have been sold or
closed in the two and a half years since the inception of the program.
There remain a number of major infrastructure companies to be sold and
transferred to the private sector by the end of 1992.
After the initial privatizations of major state companies, a series of
issues arose concerning the process and the substance of the agreements
reached with the foreign companies which bought the assets. A bothersome
element concerned the presence of foreign state-owned enterprises in the
newly privatized telephone and airline companies. The lack of a regulatory
rules and a transparent mechanism for rule-making have caused problems in
these large privatizations. There was clear need to establish clear
regulatory responsibilities and institutions ready to carry-out those
regulations. The Economic Ministry has in recent privatizations sought to
create transparent legal structures to guide the privatization procedures
and to establish regulatory bodies and transparent procedures
for-the-about-to-be-privatized natural gas, electricity, water and sewage
systems. U.S. companies, as a result of the above changes and the clear
goals expressed by the GOA policy teams, are either already participating in
these privatizations or are in the process of participating.
In December 1991, the government conducted a highly successful sale of its
remaining 30 percent in one of the two privatized telephone companies
(Telefonica Argentina), raising about $680 million. This was followed in
March 1992, by an even more successful sale of the government's 30 percent
in the Northern Telephone Co. (TELECOM), raising a further $860 million.
The second sale indicated the positive expectations associated with the
continued economic reforms, which is also reflected in the strong
performance of the Buenos Aires stock exchange and the return of some
Argentine flight capital. This improved financial performance coincided
with substantial progress made by the GOA in solving its external debt
problem with foreign commercial banks.
On March 31, 1992, the IMF announced that Argentina had received an Extended
Fund Facility, which is an important step to entering the Brady Plan.
Subsequently, on April 6, 1992, the GOA announced an agreement in principal
with its creditor banks to restructure Argentina's commercial bank debt.
This agreement will apparently call for an arrangement to settle interest
arrears through a cash payment and the issuance of a dollar denominated
instrument to amortize the remainder of the arrearages. The principal on
outstanding debt is to be restructured through the possible following
options: discount bonds; par-bonds; and a third mechanism that might have
similar terms as the refinancing of arrears instrument.
None of these options are fully agreed by the commercial banks or the GOA.
It is expected that negotiations will last a good part of 1992. In
addition, the GOA is expected to permit the use of both domestic and
external debt in at least some of the remaining privatizations. In fact,
the tender document for the privatization of the two electricity
distribution systems to be created for the greater Buenos Aires area (SEGBA)
does allow for a minimum cash payment with the remainder divided between
domestic and external debt instruments (debt/equity swaps).
To encourage capital inflows and to retain them in the domestic market, the
GOA is reforming the structure of the financial markets to promote the
development of an efficient market. Reform of the pension system and
insurance industry are integral elements in promoting a contractual savings
market. In addition, the GOA is clarifying the rule-making and enforcement
responsibilities of the Comision Nacional de Valores (CNV), the equivalent
of the U.S. Securities and Exchange Commission.
The national insurance regulatory authority has issued under Law 20,091, a
single set of regulations, simplifying and clarifying the regulatory
structure for the insurance industry. In May, the GOA announced its
intention to seek legislation that would partially privatize the pension
system, creating a private pension management system similar to that in
Chile. These policies indicate the clear intention of the government to
strengthen its regulatory institutions and orient its policies toward a more
market-based system. Such efforts at monetary and financial reform are
aided by a more market based trade regime.
Liberalization of the trade regime led to reductions in tariffs, elimination
of specific duties, permanent elimination of most trade distorting
subsidies, simplification of import documentation, streamlining of the
customs procedures, elimination of import licenses, the gradual elimination
of the trade distorting automobile and parts import regime through increased
competition and rationalization measures for the sector, and the elimination
of most trade-related taxes. These liberalization measures combined with
the strong economic revival led to a very substantial increase in global
In 1991, global imports doubled to $8.1 billion with intermediate and
consumer goods imports providing nearly 70% of the increase. Imports from
the United States grew by 74%.
Bilateral economic relations improved significantly during 1991 as Argentina
and the United States concluded agreements or treaties in key trade and
investment areas. In September 1991, the U.S. and Argentina signed a
"subsidies agreement", which extended the "injury test" to imports from
Argentina, while the GOA eliminated trade-distorting subsidies. On November
14, 1991, a Bilateral Investment Treaty (BIT) was signed, which included
national treatment to U.S. investors in most economic activities and
provided for international arbitration in investment disputes. The BIT is
the first such agreement with an international arbitration clause signed by
a major Latin American country. Ratification of this Treaty is expected to
be accomplished in Argentina by late 1992 and at about the same time by the
For a more comprehensive review of the Argentine economy, consult the
semiannual Foreign Economic Trends report on Argentina prepared by the U.S.
Embassy in Buenos Aires and available from the U.S. Department of Commerce,
National Technical Information Service, 5285 Royal Road, Springfield, VA.
22161; Tel. (703) 487-4650; Fax (703) 321-8547; Order Number PB92-168459; or
the National Trade Data Bank located at your local ITA/US&FCS District
FOREIGN TRADE OUTLOOK
TOTAL TRADE TRENDS
Argentina's trade surplus for 1991 was a reduced to $3.9 billion, down from
the $8.1 billion in 1990, which was a record performance, but reflected
depressed import levels (see Table 1 below; also Tables 2 and 3 for
geographic distribution of Argentine trade). Exports fell a modest three
percent in 1991 to $12.0 billion. Agricultural exports, traditionally about
65 percent of total exports, showed substantial volume growth, but world
prices weakened, reducing the value of these exports in 1991.
Agricultural exports declined from $6.1 billion in 1990 to $5.7 billion in
1991, with grains (primarily wheat) and unprocessed oilseeds (mostly
soybeans) experiencing weak world prices. Exports of processed agricultural
and livestock products should perform well in 1992 as weather and planting
conditions were considered optimal for most grains and oil seeds.
Exports of manufactured products, which account for about 33 percent of
total exports, showed modest gains in 1991. With the suspension of special
industrial export promotion programs in 1989, the Secretariat of Industry
and Foreign Trade projected that exports of manufactures should perform well
in 1992 as the GOA took measures in late 1991 to reduce the so-called
"Argentine costs". The fuels exports grew substantially in 1991 and are
expected to continue growing in 1992. Moreover, sizeable export gains are
expected for plastics, mechanical, and paper products.
Argentine imports doubled in 1991 to $8.1 billion. Higher import levels
were driven by significant economic growth, lower import tariff rates, and a
modestly overvalued exchange rate.
The outlook for 1992 and beyond is for balance or small deficit in the trade
account. For 1992, exports should reach $12.7 billion and imports may be
close to $12 billion, leaving a trade surplus of about $0.7 billion. The
Argentine Government will continue to reduce impediments to efficient
economic growth spurred by exports. In addition, world agricultural prices
may rebound from their 1991 weakness. Imports will continue to reflect the
positive benefits of the restructuring and stabilization programs initiated
in the past few years.
U.S. Exports to Argentina increased 74 percent in 1991 to $2.0 billion.
This was the result of major reductions in tariffs and trade connected
taxes, the earlier elimination of foreign exchange restrictions on current
and capital transactions, and the virtual disappearance of NTBs. The rise
in U.S. exports was fairly balanced among most product categories. The
United States increased its market share to about 24 percent in 1991 and
remains the largest foreign supplier to Argentina. This reflected not only
the above opening, but price competitiveness of U.S. exports and increasing
attention to this market by U.S. exporters.
U.S. imports from Argentina decreased 10 percent in 1991 to $1.3 billion.
Imports of prepared meat and fruit juices experienced modest gains.
However, other leading items, including tobacco, fish, leather and fur
articles, and steel, registered only modest increases. Petroleum products,
which had been the leading U.S. import category for many years, fell
substantially in 1991 due to increased Argentine domestic demand and exports
to other markets. Based on early 1992 performance, U.S. imports from
Argentina are projected to revive, but only to $1.5 billion or the level
reached in 1990.
BILATERAL TRADE BALANCE
The United States registered a bilateral trade surplus with Argentina of
over $700 million in 1991. This marked the first U.S. trade surplus since
1985 with U.S. exports of $2,050 million and U.S. imports of $1,291
TOTAL ARGENTINE TRADE
(in millions of U.S. dollars)
1989 1990 1991 (*)
Total Exports (f.o.b. value) 9,579 12,353 12,051
Agricultural & Livestock
Primary Products 3,516 4,435 3,500
Manufactures of Agricultural
Origin 2,706 3,488 2,648
Industrial Manufactures 2,900 3,640 1,637
Fuels 443 985 1,200
Other 14 5 19
Total Imports (c.i.f. value) 4,203 4,079 8,303
Capital Goods 969 654 1,190
Spare Parts 321 370 1,696
Raw Materials &
Intermediate Goods 2,497 2,636 4,804
Fuels & Lubricants 372 333 248
Consumer Goods 133 84 363
Other 11 2 2
Trade Balance 4,376 8,274 3.748
Source: Argentine Secretariat of Industry and Foreign Trade.
ARGENTINE EXPORTS BY DESTINATION (in percent)
1980 1989 1990 1991(*)
Latin American Integration Assc 21 24 28 31
European Economic Community 30 25 30 28
United States 9 13 14 12
Soviet Union 20 6 4 2
Other 20 32 24 27
ARGENTINE IMPORTS BY COUNTRY OF ORIGIN (in percent)
Latin American Integration Assc 21 31 35 39
European Economic Community 30 27 27 24
United States 23 20 22 24
Japan 9 6 3 3
Other 17 16 13 10
Source: Argentine Secretariat of Industry and Foreign Trade.
MARKET RESEARCH STUDIES
Market research is provided by the U.S. Department of Commerce,
International Trade Administration (ITA). ITA's US&FCS staff at the U.S.
Embassy in Buenos Aires prepares brief industry sector analyses (ISAs). In
addition, ITA contracts full-scale international market research (IMR) for
certain target industries. These studies on key sectors in Argentina are
available for the following subjects and may be requested through the local
Commerce/ITA office, listed in the U.S. Government pages of your local
INDUSTRY SECTOR ANALYSES (ISAs)
Scientific Equipment (July 89)
Fish Processing and Packaging Machinery (Jan. 91)
Computer Local Area Networks (Mar. 91)
Industrial Process Control Instruments (April 91)
Micro Computer Systems (May 91)
Winding and Yarn Preparing Machines (June 91)
Avionics and Aviation Support Equipment (July 91)
Insurance Services (July 91)
Robotics (July 91)
Agricultural Equipment (Nov. 91)
Electronic Components (Nov. 91)
Tourism (Nov. 91)
Oil and Gas Field Equipment (Dec. 91)
Computer Software and Services (Jan. 92)
Plastics Production Machinery (Jan. 92)
Printing and Graphic Arts Equipment (Jan. 92)
Telecommunications Equipment (Jan. 92)
Textile Machinery and Equipment (Jan. 92)
Insurance Services (Supplement Feb. 92)
Power Equipment Transmission (Feb. 92)
Food Processing and Packaging Equipment (Mar. 92)
Medical Equipment (Mar. 92)
Corrosion Control Paints and Solutions (May 92)
Cellular Telephone (May 92)
General Consumer Goods (June 92)
Used Industrial Equipment (June 92)
Computer and Peripherals (July 92)
Metal Working Machinery (July 92)
MAJOR DEVELOPMENT PROJECTS
Privatization of state enterprises leaves only or mainly the private sector
in the position to undertake major projects. However, the multilateral
lending agencies will still finance important public sector projects. U.S.
firms interested in information on projects that are under consideration by
the multilateral lending agencies can contact the Office of International
Projects, Room 2007, International Trade Administration, U.S. Department of
Commerce, Washington, D.C. 20230; Tel. (202) 482-5225.
GENERAL IMPORT POLICY
The GOA is increasingly adopting the GATT legal framework for its trade
regime. Argentina has indicated that it will no longer avail itself of
Article 18 of the GATT. This means that Argentina will no longer use
quantitative measures to resolve balance of payments problems, but will use
general macro-economic policy instruments. This marks a significant move
toward a more open market oriented trade regime. In fact, the measures
adopted by the GOA in recent years are a clear sign of their serious purpose.
With the policy changes introduced since the middle of 1989, the GOA has
virtually eliminated all non-tariff barriers, specific duties, reduced the
average tariff to about 12 percent, reduced the tariff range dramatically to
the present 0 to 35 percent, simplified document requirements substantially,
and opened the trade registry to all potential exporters and importers.
The GOA is negotiating with Brazil, Uruguay, and Paraguay to remove all
non-tariff barriers, and reduce to zero tariffs on all trade in goods and
services between these countries. The goal is to create a virtual common
market (MERCOSUR --Common Market of the South). In addition, the GOA has
sectoral arrangements with individual countries under the 1981 Latin
American Integration Agreement. This latter arrangement provides for tariff
reductions on specific goods to be traded between the agreeing countries.
No longer required for any import, except autos which are subject to a
The drawback regime was established by decree 1012 and resolution 177 of
May, 1991. This regime provided a mechanism for refunding various import
charges. Duties and some taxes on imports that are directly used in exports
are rebated. The following charges are rebated: tariffs; the 3 percent
statistical fee on imports; and the value-added tax of 18 percent. To
benefit from the drawback system, the imported goods must be substantially
transformed or embodied in the production of export goods.
TEMPORARY ADMISSION REGIME (TAR)
The TAR consists of duty free admission of imported goods for use in export
production. This regime can be used for imported primary and intermediate
goods. Since January 1992, the exports must be completed in 180 days from
the admission of imported inputs. This regime is fairly simple, but the
mandatory time limit for reexport may cause problems for some export
ANTI-DUMPING AND COUNTERVAILING DUTY LAWS
In mid-1979, the Argentine Government issued regulations, Decree 643/79, to
the Anti-Dumping Act (Law 21,838 of 1978). Briefly, the regulations
establish there is dumping when the export price of imported merchandise is
lower than the comparable sales price in normal commercial operations of
identical, or failing that, similar goods, destined for consumption in the
domestic market of the country of origin or the country from which they are
The Law provides that only prices in the country of origin will be
considered when they
(a) cause or threaten to cause imminent and serious damage to an Argentine
producer or producers. Unless proof to the contrary is verified, it is
presumed that serious damage exists when the sales price in the Argentine
market of goods imported under dumping conditions, or with a subsidy, is
more than a stipulated percentage below the comparable average price in the
Argentine market of identical or similar items. The average of domestic
prices in the 18 months prior to the sale under investigation, adjusted as
per the index set by the enforcement authority, shall be taken as a basis.
(b) appreciably delay the start-up of an Argentine productive facility,
provided it is already in the process of being placed on-line. Such
circumstances shall be deemed to exist when actions are taken that involve a
considerable expense and are conducive to carrying out a particular
Under the Law, the importation for consumption of goods that benefit from a
subsidy abroad may be subjected by authorities to a compensatory duty when
they cause, or threatens to cause, serious damage to or delay the
commencement of a productive activity in Argentina.
In the period 1980 to 1990, the GOA filed 41 AD cases and 29 CVD cases
mostly against Latin American trading partners. The Argentine fair trade
laws were based on Article VI of the GATT under Customs Code Law 22,415. On
April 9, 1991, Argentina signed the Tokyo round Anti-Dumping Agreement,
subject to ratification. This ratification is currently part of Argentine
trade legislation to reform the customs system and bring its anti-dumping
law further into line with its GATT commitments. In April 1992, the GOA
initiated a dumping investigation against U.S. exporters of PVC tubing.
The procedures used to administer this trade law have been less transparent
than required by the GATT. The GOA is seeking assistance to bring these
procedures into closer conformity with the GATT. On September 7, 1989, the
GOA issued Resolution 2/89 and on December 12, 1989, Resolution 5/89 to
implement a system to gather information from producers and importers that
would be necessary for anti-dumping investigations. This system will assist
the Secretary of Industry and Commerce to administer the anti-dumping law.
The GOA, which had used a reference pricing system in its management of the
anti-dumping law, eliminated this system on February 2, 1991 through
Current AD/CVD legislation pending before the Argentine Congress is
consistent with the GATT codes. Congressional approval is expected by the
end of 1993. Implementation rules and procedures are to be developed and
made consistent with international standards. In addition, the Customs
authorities may request notarized pricing documents, demonstrating that
export prices on the invoice are common prices for all markets. This
procedure can be cumbersome, but it is necessary to avoid under-invoicing of
The implementing document is Customs Regulation #1022/92 of July, which
comes into full effect on October 1, 1992. It requests customs authorities
in the MERCOSUR, ALADI and other countries with which Argentina has
bilateral trading arrangements to approve/concur in the valuation of the
products shown on the commercial invoice. The procedure may complicate the
export process for U.S. traders, if the Argentine importer requests such
verification. DOC does not believe that this particular requirement applies
to U.S. exporters.
AUTOMOBILE IMPORT REGIME
The automotive industry is one of the few sectors still protected by import
quotas and higher duties. The following is a list of the various auto
import regimes in effect in Argentina:
A. Compensated imports: Local OEM's (original equipment manufactures,
i.e., auto makers) have the right to compensate with exports of an equal
value. They pay only two percent duty of the CIF value of the autos they
B. Argentine/Brazilian Protocol: Argentine and Brazilian OEMs are allowed
to import 20,000 cars and 700 trucks from each other duty free. There are
three Argentine producers who have sister companies in Brazil, and share
equally in this quota. Imports under this regime must be offset by
equivalent exports within six months.
C. Official Distributors of Foreign Cars: they may import finished cars
equal in value to Argentine parts they export. They pay 10 percent duty on
D. Import Quotas for Dealers: currently the quota is eight percent of
estimated domestic production of finished cars. Dealers can bid on a
portion of the quota by offering an additional import duty over the regular
20 percent. Recent rounds of bidding for a portion of the quota amounting
to 11,200 cars brought bids as high as 80 percent additional duty (Lada
Dealer), while 20 percent additional duty cleared the market. This amounts
to 45 percent total duty on CIF value (20 percent regular duty plus 20
percent additional plus 10 percent statistics tax).
E. Imports by firms and individuals: a tender for a quota of 3,200 cars
was held on May 20, and one for 2,800 cars is scheduled for September 9.
Individuals and firms can bid on a portion of the quota by offering to pay
additional duty. A limit of two vehicles per year per person or firm is in
force, and any make and model is allowed.
F. Imports by firms and individuals of similar models as those produced in
Argentina: unlimited imports of such models at the basic 20 percent duty
are allowed by resolutions 15/92, 36/92 and the import regime charges
introduced November 1, 1992. This, in practice, is a disincentive for OEMs
in other countries to sell to Argentines.
IMPORT TARIFFS AND TAXES
The Argentine tariff classification system --Harmonized System (HS)-- was
implemented on January 1, 1992 and is aligned with the GATT Customs
Classification Code adopted in 1979.
The HS classification is used for specifying tariff rates. Ad valorem
duties are assessed on the c.i.f. value of the imported merchandise. The
tariff structure was modified on November 1, 1992. Prior to that date, the
GOA used a four rate structure with a maximum rate of 35 percent. This rate
was applied to small electric appliances and some finished automobile
imports. The top rate for most goods was 22 percent. The new structure
eliminates the 35 and 22 percent tariff rates and subjects all goods to a
top rate of 20 with a range of 0 to 20 percent. Thus average unweighted
tariff is approximately 9 percent compared to the earlier 13 percent. Key
intermediate product imports have duty rates ranging from 2.5 percent to 15
percent (semi-finished goods). The top duty rate of 20 percent applies to
virtually all finished goods, except capital goods not produced in Argentina
where a zero duty applies. Argentina has accepted (with reservations) the
GATT "Customs Valuation Code."
The government's recent efforts to liberalize the economy have lifted many
former import controls and restrictions. Only a few remain in effect.
Quotas remain on goods such as automobiles. Other goods such as
pharmaceuticals, foodstuffs, defense materials and other particular items
require the approval of the related government department.
In addition to the duties applied to most products entering the Argentine
market, there is a 10 percent import statistics fee applied to the CIF value
of all goods landed in Argentina. The CIF value plus the duty and the
import statistics fee constitute the base for the application of domestic
taxes. The Value Added Tax (VAT), the advanced VAT tax of 6 to 8 percent,
and the 3 percent anticipated profits tax on consumption goods. There are
domestic provincial excise taxes on most consumption goods and federal
excise taxes applied to specific items. Also, associated services are
subject to the VAT tax with a few exceptions related to education and some
Director Nacional, Direccion Nacional de Impuestos, Ministerio de Economia,
Hipolito Yrigoyen 250, Oficina 606, 1310 Buenos Aires, Argentina. Tel.:
(54-1) 331-7330, (54-1) 30-0661; Technical Administration for imports;
Azopardo 350, 1st Floor, 1328 Buenos Aires. Tel.: (54-1) 343-0661/0669.
Fax: (54-1) 331-9881.
Direct Import Costs (Sample Calculation)
Base Price US$ 100.00
Freight 8% (or whichever percentage applicable) 8.00
C&F US$ 108.00
Insurance 1 1/2 of C&F 1.62
Dutiable Base = CIF US$ 109.62
10% Duty (or other applicable duty rate)(*) 10.62
10% Statistics Tax on CIF 10.62
VAT Base US$ 130.86
Port Costs (unloading, storage, etc., approximately 6%) (**) US$ 6.58
Freight Forwarder fees (1 1/2% on CIF) (**) 1.64
Bank charges (Draft of Letter 1.5 to 2% of FOB) (**) 2.00
VAT 18% 23.55
VAT (6% advance or 8% (infrequent importer on VAT Base) (***) 10.47
3% Anticipated profits tax on VAT Base CIF (only on items for direct
consumption) (****) 3.92
GRAND TOTAL US$ 179.02
(*) Duty rates: 0 on capital goods not produced in Argentina; 2.5-15% on
intermediate goods and semi-finished goods; 20% on finished goods which
compete with Argentine manufactured products.
(**) These amounts subject to 18% VAT on some services.
(***) The advance payment of 8% on the VAT applies to infrequent importers
(non-registered). Such importers or individuals are usually importing
primarily for their use. This tax is not deductible from income tax
liability. The advance payment of the VAT is a means to raise additional
revenue without creating a new tax. The advance payment of the VAT is 6%
for registered or frequent importers (usually firms importing goods for
production). This sum is deductible from income tax liability.
(****) This applies to consumption goods directly sold in the Argentine
In the case of larger shipments or shipments of valuable items, double
custody is recommended (a car in front and a car behind), which has a higher
Before customs clearance is granted, all taxes must be paid and registered
through the CUIT (Certificado Unico de Impuestos y Tributos) document.
IMPORT PAYMENT REGULATIONS
The GOA has eliminated all restrictions on import payments. Since 1989, the
GOA has taken steps to remove any vestige of foreign exchange controls. The
Central Bank under the "Law of Convertibility" passed by the Argentine
Congress in March 1991 is required to buy or sell foreign exchange to
maintain the fixed exchange rate. It no longer establishes minimum payment
terms on letters of credit. Payment terms are worked-out freely between the
private trading partners.
Generally, countertrade arrangements have been limited to trade with the
former Soviet Union, but those arrangements have not been utilized in the
past six years. Otherwise, Argentine experience with barter and
countertrade is very limited, with the exception of the payment arrangements
under the bilateral clearing accounts with member countries of the Latin
American Integration Association. Under the current foreign exchange
regime, there is no financial incentive to enter into countertrade
Argentina created a Special Customs Area in Tierra del Fuego (Law 19640)
which allows for duty free imports of goods not produced in Argentina and
planned for use in designated high-priority industries. Other imports
receive a 50 percent tariff reduction rate.
Law 5142 of 1907 authorizes free trade zones, but these were never developed
nor regulated. In August 1991, by Decree 1668 the Government established a
free trade zone in La Plata, Buenos Aires Province, which is not functioning
as yet. The same decree authorizes a free zone in Rosario, Villa
Constitucion Port, that has not been developed nor regulated.
Law 8092 of 1910 established a free trade zone in Concepcion del Uruguay,
Entre Rios Province, that is still not developed nor regulated. The
Secretariat of Industry and Commerce will submit a proposal to the National
Legislature to implement a general regime of free trade zones in the entire
MERCOSUR (COMMON MARKET FOR THE SOUTH)
This market will cover a population of about 200 million with a GDP of
nearly $500 billion. The participating countries have substantial mineral
resources, agricultural lands, and a relatively diversified industrial
base. General education and skills levels are particularly high in
Argentina and Uruguay, while Brazil reaches these levels, particularly in
the Southern Zone. There appears to be a strong political commitment to
reaching the goals of the MERCOSUR at the scheduled dates, but much remains
before the common market is a reality.
Under the Treaty of Asuncion, signed in March and ratified by the members'
legislatures in October 1991, the Mercado Comun del Sur (MERCOSUR) was
The treaty provides for the establishment of a common market among the four
countries, Argentina, Brazil, Paraguay and Uruguay, with free circulation of
goods, services, capital, and workers from January 1, 1995. The treaty has
25 articles in six main chapters covering the purposes, principles and
instruments of the MERCOSUR, the organizational structure, the period of
application, accession, denunciation, and general provisions. In addition,
there are annexes covering the trade liberalization program, rules of
origin, dispute settlement, safeguards, and the establishment of technical
and policy working groups. (see Pages 15-16).
LATIN AMERICAN INTEGRATION ASSOCIATION (LAIA)
Argentina is a member of this association, whose goals are to facilitate
integration among its members. The membership encompasses most countries in
Latin America. LAIA was formed under the Montevideo Treaty of 1980 as a
successor to the Latin American Free Trade Association. This treaty calls
for the gradual integration of the Latin American economies. The rules and
regulations are oriented toward the promotion and regulation of reciprocal
trade, economic complementation (e.g., agreements in specific sectors in
trade and production), and the development of economic cooperation and
market expansion. There have a number of agreements under the LAIA, but the
institution has lost much of its original impetus with the advent of
subregional and other trade arrangements
MERCOSUR Trade Liberalization Program
(Extract from Treaty of Asuncion: United Nations General Assembly Document
The States Parties hereby agree to eliminate, by 31 December 1994 at
the latest, any duties, charges and other restrictions applied in their
With regard to the schedules of exceptions submitted by the Republic of
paraguay and the Eastern Republic of Uruguay, the period for their
elimination shall extend to 31 December 1995, on the terms of article 7 of
For the purposes of the preceding article:
(a) "Duties and Charges" shall mean customs duties and any other charges of
equivalent effect, whether related to fiscal, monetary, foreign exchange or
other matters, levied on foreign trade. This concept does not cover fees
and similar charges corresponding to the approximate cost of services
(b) "Restrictions" shall mean any administrative, financial, foreign
exchange or other measures by which a State Party unilaterally prevents or
impedes reciprocal trade. This concept does not cover measures taken in the
situations envisaged in article 50 of the Montevideo Treaty of 1980.
As of the date of entry into force of the Treaty, the States Parties
shall begin a program of gradual, linear and automatic tariff reductions,
which shall benefit products classified according to the tariff nomenclature
used by the Latin American Integration Association, observing the following
DATE/PERCENTAGE TARIFF REDUCTION
30 June 31 Dec 30 June 31 Dec 30 June 31 Dec 30
June 31 Dec
1991 1991 1992 1992 1993 1993
47 54 61 68 75 82
Preferences shall apply to the tariff in force at the time of their
application and shall consist of a percentage reduction in the most
favorable duties and charges applied to imports of products coming from
third countries not members of the Latin American Integration Association.
If one of the States Parties increases this tariff for imports from
third countries, the established timetable shall continue to apply at the
tariff level in force on 1 January 1991.
If tariffs are reduced, the corresponding preference shall apply
automatically to the new tariff on the date on which that new tariff enters
For the above purposes, the States Parties shall exchange among
themselves and shall transmit to the Latin American Integration Association,
within 30 days of the entry into force of the Treaty, updated copies of
their customs tariffs and of those in force on 1 January 1991.
Preferences agreed to in partial scope agreements concluded by the
States Parties among themselves in the framework of the Latin American
Integration Association shall be expanded, under the present tariff
reduction program, according to the following timetable:
DATE/PERCENTAGE TARIFF REDUCTION
31 Dec 30 June 31 Dec 30 June 31 Dec 30 June 31 Dec 30 June 31 Dec
1990 1991 1991 1992 1992 1993 1993 1994 1994
00 to 40 47 54 61 68 75 82 89 100
41 to 45 52 59 66 73 80 87 94 100
46 to 50 57 64 71 78 85 92 100
51 to 55 61 67 73 79 86 93 100
56 to 60 67 74 81 88 95 100
61 to 65 71 77 83 89 96 100
66 to 70 75 80 85 90 95 100
71 to 75 80 85 90 95 100
76 to 80 85 90 95 100
81 to 85 89 93 97 100
86 to 90 95 100
91 to 95 100
96 to 100
These reductions shall apply only in the context of the corresponding
partial scope agreements and shall not benefit other members of the common
market; nor shall they apply to produce included in the respective schedules
Without prejudice to the mechanism described in articles 3 and 4,
States Parties may also expand preferences by means of negotiations
conducted in the framework of the agreements envisaged in the Montevideo
Treaty of 1980.
The tariff reduction timetable referred to in article 3 and 4 of this
annex shall not apply to products included in the schedules of exceptions
submitted by each of the States Parties with the following quantities of
ALADI nomenclature items:
Argentine Republic: 394
Federative Republic of Brazil: 324
Republic of Paraguay: 439
Eastern Republic of Uruguay: 960
The schedules of exceptions shall be reduced at the end of each
calendar year in accordance with the following timetable:
(a) For the Argentine Republic and the Federative Republic of Brazil, by 20
percent per year of the component items; this reduction applies from 31
(b) For the Republic of Paraguay and the Eastern Republic of Uruguay, the
reduction shall be at the following rates:
10 percent on the date of entry into force of the Treaty
10 percent on 31 December 1991
20 percent on 31 December 1992
20 percent on 31 December 1993
20 percent on 31 December 1994
20 percent on 31 December 1995
The schedules of exceptions contained in appendices I, II, III and IV
include the first reduction envisaged in the preceding article.
Products which are removed from schedules of exceptions on the terms
set forth in article 7 shall automatically benefit from the preferences
resulting from the tariff reduction program established in article 3 of this
annex. They shall benefit, at the least, from the minimum percentage
reduction provided on the date on which they are removed from the schedule.
States Parties may apply up to 31 December 1994, to products included
in the tariff reduction program, only the non-tariff restrictions expressly
mentioned in the notes supplementing the complementarity agreement to be
concluded by the States Parties in the framework of the Montevideo Treaty of
As of 31 December 1994, all non-tariff restrictions shall be eliminated
from the common market area.
In order to ensure observance of the tariff reduction timetable
established in articles 3 and 4, and also the formation of the common
market, the States Parties shall coordinate any macroeconomic and sectoral
policies which may be agreed upon and to which the Treaty establishing the
common market refers, beginning with those connected with trade flows and
the composition of the States Parties' productive sectors.
The provisions of this annex shall not apply to the partial scope
agreements, economic complementary agreements Nos. 1, 2, 13 and 14 or trade
and agricultural agreements signed in the framework of the Montevideo Treaty
of 1980, such agreements being governed exclusively by their own provisions.
GENERAL TAX SYSTEM
Summary of the Argentine Tax Structure reflecting the changes in the Tax
Reform Law of March, 1992:
Tax on Income
Applied to all income earned worldwide. However, there are credit
provisions to avoid double taxation; or double taxation is avoided with some
countries through existing tax treaties. The income tax applies equally to
domestic and foreign-based companies.
-- CORPORATIONS: 30 percent
-- DIVIDENDS: 0
-- INDIVIDUALS: 6 to 30 percent.
The effective corporate income tax rate for foreign companies was 36 percent
prior to March 1992, due to a 20 percent tax applied to dividends (defined
as income less income tax), that is, 100 percent less 20 percent income tax
equals 80 percent dividends. The definition did not allow for untaxed
Rates of Withholding Against Income Taxes
- On interest: 12 percent
- On patents royalties: 24 percent
- On literary royalties: 10.5 percent
- On leases for goods: 12 percent
- On leases for fixed goods: 18 percent
- On fees for technical services not available in Argentina: 18 percent
Personal Income Taxes
Argentine tax schedules are revised annually to keep step with inflation.
Individuals are taxed on their Argentine source income, without regard to
place of domicile, citizenship, or residence. Income is considered to
include employee gross income, capital gains, and investment income.
Residents and visitors present in the country for more than six months of
the calendar year are permitted to take a 30 percent deduction with the
remaining income subject to a 30 percent tax rate. There are 6 tax brackets
with the rates ranging from 6% to 30%. A social security tax exists.
Personal assets are taxed at a 1 percent rate, and self-employed individuals
are subject to a 3 percent tax on gross income.
Value Added Tax
Applied at the time of sale on both goods (domestic and imported) and most
services. Some services were excluded by law (medical services) and others
because of enforcement problems.
V.A.T.: 18 percent is the general rate.
With the March law, Congress gave the Ministry of Economy prior approval to
raise the V.A.T. as high as 22.5 percent at its discretion.
Applied to explicit categories of goods, including cigarettes, beverages,
electronic equipment, etc. They vary according to product; some examples:
Cigarettes 66 percent
Whisky 50 percent
Cosmetics 40 percent
Hard Liquor 30 percent
Other alcoholic beverages
From 10 to 29 degrees 14 percent
30 degrees or more 20 percent
Soft Drinks 24 percent
(Soft drinks with 10 percent of natural fruit juice or 5 percent lemon
juice, are exempted)
Tires 27 percent
Lubricants 23.25 percent
Electronic products From 10 to 24 percent
(Electronic products include: sound equipment, TV sets, video recorders,
Applied to each category of fuel, as fixed rate by volume (liter) - ranges
across 20-55 percent.
Fuels are also liable for V.A.T. assessed on the base price (free of fuel
Regular Gasoline 0.2909 pesos/liter
Premium Gasoline 0.3885 pesos/liter
Kerosene 0.0134 pesos/liter
Diesel oil 0.0614 pesos/liter
Fuel oil 0.0268 pesos/kilogram
Natural gas 0.0241 pesos/cubic meter
Aviation fuel 0.0067 pesos/liter
Solvent 0.2668 pesos/liter
Assessed on sales contracts as a percentage of the value of the contract -
varies according to the nature of the transaction.
- Single act transaction (contracts, bills of exchange): 0.5 to
2.5 percent of value of the sale.
- Repeating transactions (leases, etc.): 3 to 6 percent annually.
Transfer of Real Estate
Applied at signing of the contract to transfer ownership of real estate -
applied only to those not already liable for income tax.
Real estate sales tax: 1.5 percent.
Applied on all corporate assets and on rural properties belonging to
Rate: 1.0 percent on assessed value.
Assessed on personal property valued over 100,000 pesos (100,000 dollars)
Rate: 1.0 percent.
The March, 1992 law abolished the following taxes:
- Tax on use of checks: 0.3 percent
- Net profit of banks and other financial entities: 0.6 percent
- Interest on term deposits (except savings accounts): 4.2 percent
Prior to the March 1992 reform, there were other significant modifications
of the tax code. Among them was the capital gains tax, which was repealed
as of January 1, 1990. It was replaced by a 1.5 percent tax on real estate
transactions made by individuals.
There are various taxes applied at the provincial and municipal levels.
These vary according to the jurisdiction.
Argentina and the United States have no treaty to avoid double taxation.
However, the GOA is seeking to negotiate a tax agreement with the United
U.S. EXPORT ADMINISTRATION
While U.S. exporters must comply with Argentine import regulations, account
must also be taken to the export controls maintained by the U.S.
Government. Export Administration regulations are issued by the U.S.
Department of Commerce to enforce the Export Administration Act of 1979.
Validated export licenses are required for products in the following
(1) A "strategic" good to any destination; or, in a few cases, only to a
destination to which exports are restricted for national security purposes,
e.g., Iraq, Iran;
(2) A "short supply" good to any destination;
(3) Any other products to a destination for which there are foreign policy
(4) "Unpublished" technical data to certain destinations.
Generally, a "strategic" product is one that the U.S. Government believes
can contribute significantly to the design, manufacture, or utilization of
military hardware. The fact that it might also have peaceful uses does not
remove the "strategic" label.
A "short supply" product is one that has been found to be in short supply in
the United States and which is wanted abroad. If exportation were permitted
without restriction, there would be an excessive drain on U.S. supplies and
a serious inflationary impact on the U.S. economy.
The term "unpublished" technical data includes technical information,
generally related to the design, production, or use of a product, that is
not available to the public. It is not described in detail in books,
magazines, or pamphlets nor is it taught in colleges or universities. It is
know-how that a person will not release without charging for it.
To determine whether the good to be exported is subject to controls, refer
to the Commodity Control List (CCL) of the Export Administration
Regulations. Goods not falling into restricted categories require only a
general license authorization permitting export without the necessity of
applying for a license document.
The official source of information on the details of U.S. export
administration is the Office of Export Licensing, Bureau of Export
Administration, U.S. Department of Commerce, Washington, D.C. 20230; Tel.:
(202) 482-4811. Another convenient source is the local U.S. Department of
Commerce district office.
Preshipment Inspection: There are no mandatory preshipment or postshipment
Maritime Shipments: The documents always required on maritime shipments,
irrespective of value, are the commercial invoice (original and three
copies), the bill of lading (minimum of one negotiable copy), and a packing
list (the latter document is not generally required for bulk commodities or
for articles which are identical in kind, characteristics, composition,
weight, etc.). If insurance coverage is purchased by the exporter, then an
insurance certificate will be necessary. The certificate of origin is not a
required document, except when it is part of the importer/bank/contract
Air Cargo Shipments: The documents always required on air cargo shipments,
irrespective of value are the commercial invoice (original and three
copies), the airway bill (number of copies depends on requirements of
importer and of airline used), and a packing list. Freight forwarding
and/or agent's fees cannot be shown on airway bills on a freight collect
basis, i.e., the fees must be prepaid.
Commercial invoices, in Spanish, must be presented for legislation in all
cases in one original and three copies. Carbon, printed or photocopied
invoices will not be accepted for the original. In addition, each copy of
the invoice presented (i.e., the original and three copies thereof) must be
signed, manually, in ink, by a properly authorized member of the firm. This
member of the firm is to be identified by the typing of his full name
directly underneath this signature, followed by the typing of his title or
position within the firm. Where these commercial invoices are handled or in
any way completed by the shippers or agents, a responsible representative
should sign as well and identify his signature in the same manner, giving
the full name of his firm as agents for the exporter or manufacturer. It is
suggested that all agents and/or shippers countersigning and completing
invoices for exporters or manufacturers add their telephone numbers after
the name of the firm.
The invoice (if in English, common practice is to show the Spanish
translation just below the English text) should contain: Place and date of
execution; full name and address of exporter; full name and address of
consignee and name and address of agent (freight forwarder), if any; place
or port of export of the merchandise; means of transport (specifying via
ocean or air or parcel post); date of departure and carrier's flag; port or
place of entry in Argentina.
BILL OF LADING
The bill of lading should be issued (at a minimum) in one negotiable copy;
additional negotiable copies may be required due to the needs of the
importer, bank, steamship line, or other interested party (follow
instructions from importer or those given in the letter of credit or other
The bill of lading must show the name of the ship, name of the ship's
captain, the port of registry and registered tonnage; the name of the
charterer or the shipper; the name of the consignee (unless it be "to
bearer" or "to order"); the number of packages, as specific description of
the contents, the quantity, quality and marks of the goods; the port of
loading and unloading, with a declaration of the port of call, if any; the
amount of the freight; the place and manner and date of payment, and the
date of preparation of the document and signature of the captain and of the
shipper (signature of the shipping company and shipper should be signed
manually--facsimile signatures are not acceptable).
These are necessary for customs clearance in Argentina and must describe the
contents of each package. Where the contents of a parcel are the same as
those in other parcels of the same lot, one description on the packing list
covering the lot will be sufficient. The packing list preferably should be
No packing list is necessary for goods imported in bulk, such as coal,
petroleum, sand, etc., or for articles identical in kind, characteristics,
composition, weight, etc.
The exporter needs to be concerned about this document when he purchases the
insurance. Importer's instructions should be followed.
Marine insurance can be closed with any insurance company.
STEAMSHIP COMPANY CERTIFICATE
A "waiver certificate" may be required.
SALES AND DISTRIBUTION CHANNELS
The normal sales process used by U.S. companies is the agent distributor.
Companies considering the use of agent/distributors should be aware of the
conditions associated with agent contracts.
Principal-agent relations are basically governed by the Civil and Commercial
Codes. No special legislation has been enacted to regulate the termination
of agency agreements.
Law 20575 of January 2, 1974 requires that representatives of foreign
principals be registered in the appropriate section of the Foreign
Investment Register. A copy of the contract must accompany the petition for
When the representative is a natural person the agency may be regulated by
Law 11,544 of 1929, as amended. In particular, Law 14,546 of 1958 extends
Labor Law benefits to business agents. The parties may not elect foreign
laws to govern the agreement. If a contract is executed abroad to avoid
Argentine law, it will not be enforced by Argentine courts.
The Civil and Commercial Codes permit a principal to terminate an agency
agreement at his discretion. However, the terminating party may be liable
for damages resulting from a wrongful termination. All agreements, whether
for a definite or an indefinite term should include a notice of termination
Labor laws similarly require the service of a termination notice some time
prior to the actual termination date; otherwise, the principal may be liable
to the employee for earnings that would have accrued during the notification
period. In all termination cases, except for those based on a just cause,
the agent is entitled to one month's compensation for each year of service,
payable in a lump sum.
The franchise contracts are protected under the Argentine Commercial Code.
The service, commercial trade market/name, know-how, and shared production
elements are covered by contractual obligations on both franchisor and
franchisee. Elements of the contract include the license, methods/systems
or know-how transferred to franchisee, the supply of needed inputs, methods
of sales, and quality standards, and ultimate control by franchisor of the
contract elements. Franchises have been successfully used in Argentina, but
obligations of the franchisor must be clearly delineated in the contract to
avoid legal obligations associated to the operator, in case of default,
bankruptcy, etc. Argentine law is somewhat unclear about franchisor
obligations in case of bankruptcy or other commercial failings. Legal
advice should be sought prior to contract signing.
Business may be conducted in Argentina through a variety of organizational
structures, including branches of foreign registered firms. In all cases,
the entity (including bylaws, membership of the Board of Directors, and
other pertinent information) must be registered in the Public Registry of
Commerce. The conduct and activities of the enterprise are governed by the
Commercial Code, supplementary laws and regulations. In the case of general
partnerships of a non-commercial nature or where the Commercial Code is
silent, the Civil Code applies.
The principal organizations formed under the laws of Argentina are:
corporations, similar in structure to limited liability companies in the
0United States; corporations with various limitations (S.R.L.s); general
partnerships; and limited partnerships. Joint ventures are permitted with
various characteristics called "temporary partnerships" and "temporary
unions". Joint ventures do not act as separate legal entities in their own
right. Other structures formed are registered branches of a foreign
corporation and sole proprietorships. Normally, foreign companies register
either as corporations or branches.
U.S. firms considering establishing in Argentina are encouraged to
investigate the tax and legal aspects of establishment with legal counsel
prior to making any final decisions. There are a number of good law firms
in Argentina to assist a U.S. company; most have English-speaking lawyers
and tax consultants. The following are a representative list, but by no
means is this list complete nor is it a recommendation as to their quality
ESTUDIO ABELEDO GOTTHEIL
1006 Buenos Aires, Argentina
Tel.: (54 1) 322-4848, 322-4869
Fax: (54 1) 322-4848
Dr. Julio Gottheil, Partner
ESTUDIO ALLENDE BREA
Maipu 1300, Piso 10
1006 Buenos Aires, Argentina
Tel.: (54 1) 313-9191, 313-9292
Fax: (54 1) 312-5288, 313-9010
Dr. Teodosio C. Brea, Partner
BRONS & SALAS
Marcelo T. de Alvear 624, Piso 1
1058 Buenos Aires, Argentina
Tel.: (54 1) 311-9271/79
Fax: (54 1) 311-7025
Dr. Thomas Boywitt, Partner
Reconquista 671 - 1st floor
1003 Buenos Aires, Argentina
Tel.: (54 1) 311-7392
Fax: (54 1) 312-1670
Dr. Edgardo Petrakovsky, Partner
ESTUDIO MARVAL & O'FARRELL
Carlos Pellegrini 885/887
1338 Buenos Aires, Argentina
Tel.: (54 1) 322-8336/8266
Fax: (54 1) 322-4122
Dr. Alfredo O'Farrell, Partner
ESTUDIO MUNOZ DEL TORO & QUEVEDO
25 de Mayo 294
1002 Buenos Aires, Argentina
Tel.: (54 1) 343-3903/343-3989
Fax: (54 1) 334-1718
Dr. Fernando Munoz del Toro, Partner
Av. de Mayo 645/51
1084 Buenos Aires, Argentina
Tel.: (54 1) 342-5740/4707
Fax: (54 1) 331-1659
Dr. Uriel O'Farrell, Principal
CONSUMER PROTECTION MEASURES
The GOA has taken actions to raise consumer awareness on comparing prices of
different shops before making final purchase. To this effect, the
Under-Secretariat for domestic commerce supervises an agency called
Direccion de Defensa del Consumidor, Av. Julio A. Roca 651, 4th floor,
Sector 26. Phone: 342-2411 and 331-9051, extension 61. Reportedly, those
legitimate concerns that are expressed to them are handled in an expeditious
manner. Also, independent consumer groups like ADELCO (Liga de Accion del
Consumidor) are carrying out an active campaign to protect consumer
interest. They are editing a magazine called "El Ojo del Consumidor".
ENVIRONMENTAL PROTECTION/POLLUTION CONTROL
The Senate approved in 1991 a law that prohibits the import of dangerous
toxic wastes. In January 1992, the GOA created the Secretariat of
Environmental Protection to enforce a series of diverse laws and
regulations. This organization centralizes the authority of the National
Government. The Secretariat is located in the Ministry of Public Health.
The law bars the import, introduction, transport, disposal, storing, and any
other act pertaining to dangerous waste from any foreign country into
national territory and the air and maritime space under Argentine
jurisdiction. The penalty for violation of the law is up to 25 years
The bulk of Argentina's business and industrial activities are concentrated
in Buenos Aires and surrounding area. The industrial belt spreads
North-Westward along the towns located on the Parana as far as Rosario and
Santa Fe. Cordoba is also an important industrial center.
No new industrial plants are allowed in the Federal District area (Buenos
Aires city). Any new plants settled within 60 km of the center of the city,
as well as of Rosario and Cordoba are not eligible for industrial promotion
benefits, if available.
Moreover, since 1979, the Government of the Province of Buenos Aires
prohibits the location of certain types of new industries to reduce
pollution, such as slaughterhouses, leather tanneries, rubber processing,
and others) in the Municipalities that form the Greater Buenos Aires. It
set a 10 year deadline for those existing industries to move to locations
Argentine requirements/standards may have to be used; however, U.S.,
British, or similar requirements or standards may be acceptable. Follow
Standard Code: Argentina has signed (subject to ratification by Argentine
legislative bodies) the "Standards Code" negotiated and accepted during the
Tokyo Round of MTN negotiations under the GATT.
The National Inquiry Point within Argentina for standards information is the
Ministry of Trade and Maritime Interests Division of International Trade
Negotiations, Av. Julio A. Roca 651, 1322 Buenos Aires, Tel.: 54-1 34-6826.
For specific information regarding existing foreign agriculture standards
and testing, packaging and certification systems, contact the Office of Food
Safety and Technical Services, Foreign Agricultural Service, 14th and
Independence Ave., Room 4951-S, Washington, D.C. 20250-1000, Tel.; (202)
For non-agricultural standards and their testing and certification systems,
contact the National Center for Standards and Certification Information,
National Institute of Standards and Certification Information, National
Institute of Standards and Technology, TRF Building, Room A-163,
Gaithersburg, MD 20899. Tel.: (301) 975-4040. U.S. exporters can also
find more information on foreign standards from the American National
Standards Institute, 11 W. 42nd St., New York, N.Y. 10036. Tel.: (212)
Sanitary certificates, issued by a competent authority in the exporting
country, must accompany all shipments of livestock; plants, bulbs, cuttings,
rhizomes, roots, and tubers for propagation; and (unless accompanied by
Certificates for Industrial Use Only signed by a State or Federal Inspector
and visaed by an Argentine Consul) for grains and plant products, such as
barley and peanuts; and for all seed, except coffee and cocoa for immediate
roasting without hulls. FDA and other recognized U.S. Government
certification standards are usually acceptable to the Argentine authorities.
More information on inspection procedures may be obtained from the Animal
and Plant Health Inspection Service (APHIS), U.S. Department of Agriculture,
Hyattsville, MD 20782. Tel.: (301) 436-8590 (Veterinary Services) and
(301) 436-8537 (Plant Protection and Quarantine). APHIS inspects and
certifies that live plants, plant products, and live animals conform with
health and sanitation requirements for export as prescribed by the country
of destination. Also, contact the Food and Drug Administration,
International Affairs Office, at (301) 443-4480, Fax: (301) 443-0235.
MARKING AND LABELING OF RETAIL PACKAGE
The Argentine regulations governing the marking of the country of origin on
domestic and imported products are based on law 11,275 of November 10, 1923,
known as the Merchandise Marking Act, as amended and regulated by numerous
subsequent decrees and special rulings, and as changed radically in 1937,
when it was determined that imported goods should be inspected for
country-of-origin marking while being cleared through the customs.
The law requires domestic products to be marked "Industria Argentina."
Goods from the U.S. need merely be marked, "Made in U.S.A.," the marking to
be done before the goods are shipped. The general rules for marking the
country of origin are these: "If any marking appears on the article itself,
the country of origin must also appear in a visible place. If the article
is too small for other marks to appear on it, it is sufficient to indicate
the country of origin in a visible place on the container, wrapper or
principal label. If, however,the principal label is too small to bear an
indication of the country of origin, the required indication may be shown on
a supplementary label attached to the container on the same side as the
principal label." In the case of spare parts for machinery imported into
Argentina from the U.S., it has been ruled that when it is not feasible to
mark the article itself, then the words "Made in the U.S.A." should be
printed on a tag attached to the article if in bulk or on the box or
container if packaged.
A decree published December 28, 1943, requires that containers of imported
merchandise of approximately one-fourth, one-half, three-fourths and one
liter shall show, in readily distinguishable characters, the exact net
contents. For the one-fourth liter size, letters of one-half centimeter
must appear on the container and for the other sizes, letters of at least
The U.S. Department of Agriculture will review processed food product labels
and ingredients to determine if they meet local requirements of the foreign
country. Exporters should call or write: Export Products Review Program,
Dept. of Agriculture, Foreign Agricultural Service, 14th and Independence
Ave., Room 4951-S, Washington, D.C. 20250-1000, Tel.: (202) 720-1301.
LABELING/PACKING OF HAZARDOUS MATERIALS
Many United Nations members have adopted the UN recommendations for the
labeling and packing of hazardous materials in a standardized manner and
style. Exporters to Argentina should ascertain from their importers in that
nation whether or nor Argentina is currently adhering to these requirements,
and if so, how they should conform in order that the goods in question will
SAMPLES & ADVERTISING MATTER
Samples sent by parcel post or in other ways are treated the same as any
other commercial shipment and have the same documentary requirements.
Advertising matter is subject to duty when imported into Argentina. It is
understood, however, that in practice single catalogs and price lists sent
through the regular mails as "printed matter" to individual addresses and
not for distribution are rarely held by the customs for duty. Exempted from
import duties area magazines and printed matter, pamphlets, posters,
notebooks, calendars, cliche, photographs, records and other articles in
general for propaganda purposes relating to merchandise sold by foreign
companies when imported under the following conditions: (a) when received
free of cost; (b) when their value does not exceed $100 (or the equivalent
in other foreign currencies); and (c) when they carry printed or engraved
inscriptions or publicity signs, fully visible and with indelible type which
prevent their sale. The receipt of these shipments will be permitted only
once a year and once per consignee.
Bulk packages of catalogs may be denied entry, as the government is trying
to promote local printing.
The services of a customs broker are not necessary to clear shipments of
samples, with or without value, and advertising matter received by parcel
post from abroad and not requiring foreign exchange.
Samples brought into the Argentine Republic by the traveling representative
are admitted free of duty, if they have no commercial value. If the samples
have value, bond may be given for the amount of the duty which would be
payable on such merchandise. Such bonds are for a period of ninety days
with privilege of renewal for a further ninety days. Upon re-exportation of
dutiable samples covered by bond, the amount paid is refunded. The handling
of samples under bond should be entrusted to a customshouse broker.
Argentina has a number of advertising agencies and many management
consultants, but only the largest firms offer complete services. The
leading agencies are members of the Asociacion Argentina de Agencias de
Publicidad (Argentine Association of Publicity Agencies). Several U.S.
advertising agencies have branches or affiliates among the leading agencies.
Advertising in the print media is the most widely used method, although
television and radio advertising are highly effective and most generally
aimed at the Buenos Aires market. Many daily newspapers are published in
greater Buenos Aires, including La Nacion and La Prensa. The public and
private sectors operate radio and television stations. There are over 469
T.V. stations (with various levels of power output) now broadcasting in the
provinces, 163 AM stations and 10 shortwave stations. In addition, 200
cable companies are operating throughout the country.
The number of market research firms in Argentina is growing. Many
international accounting and management firms, including U.S. companies,
have branches or affiliates in Argentina. These firms provide complete
business services including tax work, and many will undertake market
research projects as well.
Overseas Telephone Service: The following services are currently offered
for this country. Operator-Assisted Calls; All Calls; Special Services:
(1) Collect Calls accepted to and from the U.S. (2) U.S. Telephone Credit
Card Calls accepted to and from the U.S.
Radio and Cable: In figuring time of arrival of radio or cable message at
destination in Argentine Republic, normally add 2 hours to Eastern Standard
Regular Mail Services: Complete information regarding all classifications
and special services of the regular surface mails, including--rates,
dimensions, including non-standard mails, postal prohibitions and
restrictions, and packing regulations can be obtained from U.S. postal
Entry and Warehousing: Within 3 days after the arrival of the vessel in
Argentine ports, the importer must initiate clearance of the goods or
declare the goods in his name. Within at least 15 days, a declaration of
the contents of the shipment for tariff classification must be made.
Clearance of merchandise through customs can be initiated immediately upon
the arrival of the goods.
All overseas merchandise in transit through Argentine ports to neighboring
countries must be accompanied by a transshipment declaration, and all
documents should be clearly marked "mercaderias en transito" (merchandise in
transit). Transshipment documents are presented to the Argentine Customs
immediately upon arrival.
Shipping Restrictions: Argentine law no longer requires that Argentine flag
vessels be given first right of refusal to transport cargo bound for
Marking of Shipping Cases: Exterior packing cases should bear shipping marks
and numbers on at least two sides. It is advisable to show gross and net
weight in kilograms. The repetition of numbers on packages shipped under
one bill of lading is prohibited.
Containers/Pelletized Cargo: The following regulations applying to shipments
into Buenos Aires (as well as exports from Argentina to that port) became
effective as of July 15, 1980. These regulations provide that all cargos
must unitized, pelletized or containerized.
In brief, the regulations state--(1) Identification (markings) of all pieces
must be identical to the documentation covering their import (into the
Argentine). Such markings must adhere to the international specifications
of IMO International Maritime Organization indicating legibly the marks,
counter marks, number of packages, port of destination and must be written
(2) All cargo that lends itself to containerization, unitization or
palletization must be presented to the carrier for shipment in the packaging
system (containerized, unitized or pelletized) best suited for that specific
(3) The following standard packaging requirements will apply: (i)
Construction of all packaging shall adequately protect cargo subjected to
normal cargo handling procedures. (ii) Material used to protect packaging
shall, when required, provide protection from dampness as well as
temperature variation. (iii) Bagged cargo not containerized, unitized or
pelletized shall be pre-slung in shipper provided slings in order to
facilitate handling and prevent damage.
(4) Consignees/shippers must indicate on their sale or purchase documents
the obligation to transport cargoes as defined by these regulations.
Failure to comply with the above-noted regulations will subject the cargo to
lightering or transfer to other port areas within the Buenos Aires customs
zone at the expense of the carrier and delay to the vessel.
Inland Transportation: Roads: 208,350 km of national (partially privatized)
and provincial highways. Argentina's portion of the Pan-American Highway
consists of 4 main roads. Railways: The six railways had a total of 39,738
km. of track. Air: Six international airports, Bariloche, Buenos Aires,
Cordoba, Ezeiza, Jujuy and Mendoza.
The transport and public works ministers of seven South American countries
signed an agreement in 1989 on overland transportation that will facilitate
trade among them. The agreement, signed by the transport ministers of
Argentina, Bolivia, Brazil, Chile, Paraguay, Peru, and Uruguay, removes
costly guarantees, especially in customs and insurance, that had previously
been paid by the transport companies. The use of single bilingual forms
will be established to cover nearly all the paperwork concerning the
transport of goods.
In October 1990, Brazil and Argentina lifted restriction on the transport of
merchandise by truck across their borders. This is the first step toward
creating a common market between the two countries.
Principal Ports: Buenos Aires, Quequen, Rosario, Bahia Blanca, La Plata, and
WEIGHTS AND MEASURES: METRIC SYSTEM
Regulations based on Law 11,275 of November 10, 1923, require metric
labeling for packaged products.
Administering Authority: Information on metric requirements and usage in
Argentina may be obtained from Instituto Argentino de Racionalizacion de
Materiales, Chile 1192, Buenos Aires, Argentina.
Metric Requirements for Imports: Current regulations require that the net
contents of packaged products be shown on the label in SIMELA (SI) units;
however, they do not prohibit the dual labeling of product contents in both
metric and non-metric units.
Buenos Aires: A.C. 1,3 phases, 2,4 wires, 50 cycle, 220/380 volts (220/440
volts D.C., 2,3 wires. Rosario: A.C., 1,3 phases, 2,4 wires, 50 cycle,
220/380 volts (220/440 volts D.C., 2,3 wires). Bahia Blanca: A.C., 1,3
phases, 2,4 wires, 50 cycle, 220/380 volts. Mendoza: A.C., 1,3 phases, 2,4
wires, 50 cycle, 220/380 volts (220/440 volts D.C., 2,3 wires).
The "Buy Argentina" program was suspended through decree law 1224/89 of
November 9, 1989. This was replaced by a 10 percent preference for domestic
goods and services. The "Buy Argentina" program preference system were
permanently eliminated in October 1991.
CREDIT AND FINANCIAL SYSTEM
The Argentine Central Bank is the monetary implementation agency under Law
21,526 (Financial Entities Law) and the chief financial regulating
institution. Under proposed bank reform legislation, the Central Bank's
current functions would be divided among three new entities --an institution
to manage monetary policy (including the foreign exchange market), a
regulatory body to supervise the banking system, and an Export/Import Bank.
The organization of the BICE (Export/Import Bank) is proceeding, even
without the sanction of law. The BICE will concentrate on channeling funds
from international organizations into export related activities and
eventually long term domestic financial resources will be dedicated to the
provision of medium and long term export related financing. The institution
will not provide subsidized credit from Treasury resources.
As the banking reforms take hold and the GOA completes its efforts to solve
the external debt problem, it is expected that Argentina will increase its
access to international capital markets. Large Argentine companies and the
government have already accessed the eurodollar market and the international
bond market. In 1991, Argentina raised about 900 million in the
A Paris Club rescheduling of official debt and debt-arrears to official
institutions is expected to take place once the commercial bank
reschedulings are concluded under the Brady Plan. The U.S. Overseas Private
Investment Corporation (OPIC) has been active since 1987 through its
insurance and guarantee programs in Argentina.
Under the Law of Convertibility effective April 1, 1991, the Central Bank's
role was more akin to a monetary board, buying and selling foreign exchange
in the market. Domestic money supply is closely tied to Central Bank's
external reserves. This is the principal instrument of monetary policy.
The Central Bank can no longer finance the central government nor provide
financing to the provinces (except in special cases) and, therefore, cannot
independently increase the money supply.
Currently the banking system consists of about 200 institutions, which can
take deposits and make loans. About 10 percent of these institutions are
controlled by the state, based on share of deposits as of December 1991.
The principal private institutions are commercial banks, investment banks,
cooperative banks, finance companies, building guilds, or credit companies.
Commercial banks may conduct all banking activities, including
credit/deposit operations and rendering fee-based services. These
institutions, along with state banks, are allowed to offer checking
accounts, issue drafts, and operate in the interbank market. Investment
banks channel savings and foreign funds to finance projects or other longer
term activities; while finance companies and credit do primarily short term
lending. The other institutions provide short term for niche markets.
As part of the bank reform legislation, the current mortgage bank will be
restructured into a wholesale institution. This restructured institution
will provide liquidity to private mortgage institutions, when they develop.
Foreign banks operate under licenses issued by the current Central Bank.
Most U.S. banks have been in Argentina for a number of years.
The provincial banks are essentially financial intermediaries for the
provincial governments and play a minor, but sometimes disruptive role in
the system. These institutions are being transformed into private or
partially-private institutions as a means of imposing more discipline on
their activities. The World Bank and the Inter-American Development Bank
are assisting in the restructuring of provincial financing systems, which
include the provincial banks.
Many U.S. banks are active in Argentina, including Bank of Boston, Chase
Manhattan, Citibank, Bank of New York, Morgan Guaranty, and Manufacturers
Hanover. In addition, the U.S. Export Import Bank (EXIMBANK) has a limited
program for the private sector, which could be expanded once the Brady Plan
comes into full operation.
Commercial banks offer specialized services such as leasing, factoring, and
debt placements in foreign or domestic capital markets. The leasing system
is not as developed as that in Chile, but is expected that this mechanism
will become important to companies modernizing their facilities and getting
involved in large projects (currently the tax laws appear to discriminate
against leasing). Also, opportunities for developing forfaiting facilities
to assist in trade financing and development of smaller less-well know
Argentine companies. Other institutions have developed markets for debt
instruments, while other facilities are being organized to handle futures,
puts and options, commodities futures, etc.
There are a number of stock exchanges in Argentina, but the most important
is the Buenos Aires stock market (Bolsa de Comercio de Buenos Aires). The
stock exchanges are regulated by the Comision Nacional de Valores (National
Securities Commission) which establishes the regulations governing the
listing of companies in the markets. The CNV is levied with the
responsibility of ensuring that purchasers are protected through the
establishment of public records, providing financial and other information
adequate to evaluate the quoted companies' performance. In addition, the
CNV is deeply involved in planning reforms for contractual savings
institutions and the development of the capital market.
In the past year, the securities market has boomed. It grew 397 percent in
1991, registering the fastest expansion of any market in the world. The
daily average turnover rose from $10 million to over $80 million and reached
a record $120 million in May 1992. This increase in activity reflects the
improved financial outlook for the country and a broadening of the market by
the privatization process, which has prompted the return of about $6 to $7
billion in Argentine capital flight. Telephone company shares, and later
shares from other privatized companies will be placed on the domestic
financial markets. The telephone shares sold well and offer investors an
opportunity to participate in the rehabilitation and modernization of these
systems. The GOA will not offer shares in the market in newly privatized
companies at one time, but spread the sales over extended periods in 1993
ECONOMIC REFORM AND DEREGULATION
Since 1983, the Government of Argentina has introduced reform measures to
reduce budget outlays, increase public sector efficiency, reduce the role of
government in the economy, and levy greater responsibility on the private
sector for future economic growth. It was not until 1989 with the reform
measures undertaken by President Menem that strong political backing was
given to the fundamental changes necessary to stimulate economic recovery.
Were essentially covered by the Economic Emergency Law (23,969) issued in
August 1989 and Reform of the State Law (23,697) issued in September 1989.
These two laws established the basis for subsequent decree laws that
implemented reforms in the public sector. A reduction of 120,000 public
sector jobs, elimination of 30,000 contract of temporary jobs, and
encompassed in decree law 435 of 1990. These administrative reforms were
part of a broader package of anti-inflation and policy restructuring
STABILIZATION AND LIBERALIZATION POLICIES
These policies were introduced in 1989 to attack inflation --e.g., removal
of most constraints on foreign exchange operations, reduced tariffs, a new
investment code reducing impediments to foreign investment, and
privatization of public enterprises. These initial measures have been
followed by further measures, particularly in 1991, with reforms in the
privatization process to give greater transparency to future sales and
clearer regulatory guidance for these privatized sectors and the issuance of
the deregulation decree 2284 of October 31, 1991. This decree is now
pending congressional review to give it constitutional sanction.
In October 1991, the GOA announced the elimination of many price controls
and regulations that had been built up over the years. Decrees have already
been issued deregulating the following areas: prices of medicines; notarial
fees; brokers' and realtors' commissions; fees charged by lawyers and other
professionals; freight, loading, unloading and stevedoring charges; charges
by middlemen and dealers in commodities; restrictive practices involving
port timetables and working days, as well as those requiring the use of
ships sailing under an Argentine flag, and those setting import and export
quotas; business days and timetables; production quotas; certain official
processing formalities and taxes (mainly concerning foreign trade and the
stock market); and the special treatment of certain workers. Areas which
the Government plans to restructure the regulatory system in the near future
include: mining, airports, postal and telegraph services, licensing and
technology transfer contracts, patent laws, reinsurance, and insurance.
INVESTMENT AND SUSTAINABLE ECONOMIC GROWTH
After years of declining gross investment, reaching its nadir in 1990 when
the ratio of gross investment to GDP was less than 10 percent, there appears
to be a modest revival in private sector gross investment. Capital goods
imports financed by the private sector grew in 1991, indicating that
investment was occurring.
The long term success of the current economic policy orientation requires
that the Argentine private sector start and sustain investment growth as a
means of creating wealth and employment, because the public sector does not
have the resources to finance future investment outside the social sectors
--education and health.
Not only private domestic investment is required, but renewed interest by
private foreign investors must be kindled to increase the competitiveness of
the Argentine economy. Few foreign investors will come to Argentina without
the knowledge that Argentina's own private sector has the confidence and the
will to commit fresh financial resources to new or expanded productive
ARGENTINE GOVERNMENT ATTITUDES TOWARD FOREIGN PRIVATE INVESTMENT
The Argentine Government welcomes foreign investment. Equal treatment of
foreign and national capital for productive activities was guaranteed by the
1989 Economic Emergency Law. One hundred (100) percent foreign ownership is
Since 1989 foreign investors do not need prior government approval for
investment projects. Still, the mass media and defense related industries
do not permit foreign investment.
Foreign investment is restricted in frontier zones along both land and ocean
boundaries. Approval may be obtained from the Superintendent of Frontiers
in the Ministry of Defense. Investment in Buenos Aires city and province is
not regulated under the program.
The 1981 Transfer of Foreign Technology Law (no. 22426) applies to all
transfer of technology. The National Institute of Industrial Technology
(denoted in Spanish by INTI) approves the transfer of technology with regard
to invention patents, industry modes and design; and technical knowledge for
the manufacture of a product or the rendering of service. The U.S. and
Argentina recently signed a Bilateral Investment Treaty.
To attract foreign investment, the GOA rewrote large segments of the prior
investment laws to virtually eliminate provisions that might restrict
investment (Chapter 11 of the Economic Emergency Law of 1989). Among the
elements of the new law were: the extension of national treatment to
foreign investors (except in the banking subsector without prior Central
Bank review); removal of all impediments on foreign exchange payments either
on capital or current account; and removal of all sectoral restrictions.
Foreign investment may be made in the form of: (A) freely convertible
foreign currency; (B) capital goods; (C) profits or capital in national
currency belonging to foreign investors; (D) capitalization of foreign
credits in freely convertible foreign currency; (E) intangible assets; (F)
other forms of contributions approved by the implementing authority or
provided for in special or promotional statues.
In addition, the GOA altered the terms under which debt/equity swaps could
be utilized. The previous general policy of permitting debt/ equity swaps
was converted into a selective mechanism related to the privatization of
public assets. However, some private debt/equity swaps were permitted to
facilitate refinancing of private projects. This case by case approach was
adopted to reduce adverse monetary effects that might undermine the
restrictive monetary policy adopted to deal with inflation. Debt/equity
swaps were particularly important in the first major privatizations --the
telephone and airline companies.
The Menem Administration announced in 1989 and repeated in 1990 an ambitious
plan to sell 25 of Argentina's state-owned enterprises. The government has
completed 40 out of a possible 70 transfers of public institutions to the
private sector; including the telephone and railroads (2), television
channels (2), electric generation plants (2), chemical plants (6), and the
remaining national airline (provided financing problems can be solved) most
of these transactions were completed in the last 1-1/2 years.
Presently, the Electricity company of Greater Buenos Aires, the State Gas
Co., and the national water/sewage organization (Obras Sanitarias) are in
the process of being privatized, as are several Provincial companies. In
addition, a variety of other governmental services (including the state
postal monopoly and military industries) are to be transferred to the
These transfers will occur through an open bidding process with foreign
firms receiving the same treatment as domestic firms. The World Bank and
the Inter-American Development Bank are playing significant advisory roles
in this process. Under the privatization program, the military industrial
structure is to be sold or otherwise transformed. Minority holdings in
several petro-chemical companies have been sold to the private partners and
additional military-controlled companies are to be privatized.
The regulatory frameworks for electricity, natural gas, and water/sewage
privatizations have been either approved or very close to approval. These
frameworks provide a fairly clear vision of the privatization process and
the structure of the industry that is sought by the GOA. They embody the
basic outlines of the regulatory structures to be created and the broad
outlines of their ruling-making process to be followed. The GOA is seeking
U.S.G. assistance, as well as from other countries, for training of the
regulators and the establishment of the regulatory institutions.
In addition, the GOA has aggressively sought foreign participation in
infrastructure privatizations through reverse missions to the United States,
Canada, and Europe. The GOA joined with the Department of Commerce to bring
information to U.S. electricity and gas companies on privatization and to
attract these potential investors or joint venture partners to Argentina.
As a means of giving greater confidence to potential investors, the GOA has
joined the MIGA and ICSID, while OPIC has aggressively pursued projects in
Argentina. Most significantly, on November 14, 1991, the GOA and U.S.G.
signed a BIT that provides international arbitration of investment disputes
and national treatment for virtually all economic sectors in Argentina.
This Treaty is expected to be ratified by the Argentine Legislature August
20, 1992 and implemented upon approval by the U.S. Senate.
RULES AND REGULATIONS GOVERNING INVESTMENT
Law 23,697 of September 1989 and Decree 1225 of November 1989 modified the
investment regulations under Law 21,382 of 1976 and extended national
treatment to foreign investors. Prior approval by the Federal
Administration had been required under Law 21,382 for foreigners who wanted
to invest in sectors such as defense, telecommunications, and news media,
banking, publishing, and insurance as well as a number of others. Law
23,697 eliminated this requirement so that now there are no special
requirements for foreign investors to enter most sectors. Furthermore, the
law levies no mandatory performance requirements on foreign investors.
Nevertheless, entry approvals may still hinder companies seeking investment
in the banking sector: for example, the Central Bank must approve the
opening of branches or subsidiaries of foreign banks. Mining and insurance
sectors are open for foreign investors. In the mining sector only uranium
mining is excluded from foreign investment. The GOA is in the process of
modernizing its mining codes and provincial governments are actively seeking
foreign investors to develop mining resources in the western half of the
country. Chilean companies are already exploring areas across the border
where copper and other mineral deposits are expected to be found. Argentina
and Chile are currently negotiating a bilateral investment treaty with
similar characteristics to the United Stated and French treaties.
On March 31, 1992, the GOA dissolved the state reinsurance company (INDeR).
This dissolution took place after the GOA had spelled-out a plan for
settling all domestic and international debts of the company. Under the
current GOA plan to restructure the insurance industry (about 200 companies
are in this market of which about 20 are considered viable), no companies
can be formed, but foreign companies are permitted to purchase existing
institutions. At the end of 1994, it is expected that the industry
restructuring will be completed and unlimited entry will be permitted.
In general, the GOA wishes to encourage joint ventures between foreign and
domestic firms in the privatization process, but does not mandate this
policy objective. Moreover, there are no ownership limitations on
businesses making "greenfield" investments in Argentina.
Under the provisions of Law 23,697, a foreign investor should register their
investment. The registry is for statistical purposes. Central Bank
Communication A1589 dated December 18, 1989 eliminated virtually all
restrictions on foreign exchange transactions. Nevertheless, prior to April
1, 1991, the GOA maintained in legal force Decree 1506 on May 1984, which
permitted the government to prevent private financial transfers in the case
of balance of payments difficulties.
In January 1991, the GOA announced to the GATT Secretariat that Argentina
would no longer avail itself of Article XVIII.B (balance of payments)
protection. Law 23,928 of April 1991 (law of convertibility) effectively
removed the last potential legal obstacle to capital account transfers.
Thus, foreign investors under this new legal structure should be less
concerned with their legal right to transfer funds at any time in the future.
Repatriation procedures are extremely simple, requiring a company to
purchase dollars on the open market at currently fixed exchange rate of 1
peso to one U.S. dollar. Commercial banks can freely conduct transactions
in dollars and open dollar accounts both domestically and off-shore.
Investors in some export projects, as part of their contractual
arrangements, have or will maintain off-shore dollar accounts, providing
greater investor confidence. There are, in fact, no limitations on the
private sector in maintaining dollar deposits in- or outside Argentina.
Investment registration is accomplished by submitting a letter to the
Direccion Nacional de Inversion Externa in the Ministry of Economy. The
letter should list the name and address of the foreign investor, the name
and address of the Argentine firm that is receiving the funds, the activity
to be pursued, the amount of foreign funds investment, and the currency in
which the investment is transacted.
There are no preferential export policies or import policies that
discriminate against foreign owned firms. Foreign firms have equal access
to commercial loans available and presumably for export related loans that
could become available from the proposed Argentine Export/Import Bank.
Prior to the passage of Law 23,928 on April 1, 1991, there was virtually no
commercial medium or long term loans available in Argentina, however, since
its passage there was apparently a surge in lending, including some medium
term loans for consumer goods/housing and investment purposes.
Nevertheless, inflation and possible expectations of inadequate economic
policies have in the past prevented the development of even a modest capital
market to finance investment. Official banks, and at times the Central
Bank, were the only sources of medium term lending. In the past, the
Central Bank did use a rediscount facility or "soft loan" window that rarely
was available to foreign commercial banks, when it was in operation.
However, since August 1991, the Argentine stock market has taken- off
registering the strongest growth of any stock market in 1991. This growth
has continued and with the GOA selling its share of the telephone companies
through this market, the offerings have broaden the market. In addition,
the GOA is about to propose legislation to the Argentine Congress that will
reform the social security system and create a private pension system. This
reform will provide greater institutional support to the longer term savings
market. The National Securities Commission (CNV), similar to our SEC, is
developing regulations to govern the securities market that will ensure
adequate disclosure, national accounting standards, assist in creating
rating institutions, and otherwise modernize the capital markets of
Argentina over the next decade.
In most cases, Argentine law separates the ownership of the land's surface
from the mineral deposits below. While the Federal Government owns the
mineral rights, it is bound by the Code to grant a mining concession to
whomever discovers the ore. The mining company is required to pay an annual
fee, invest a minimum of capital, and develop the mine to a reasonable
extent. Failure to comply may result in the forfeiture of the concession to
the Federal Government. A 1980 amendment to the code allows for large scale
mining and changes contemplated at this time will open the sector to foreign
investors, without major restrictions. The BIT provides national treatment
in the mining sector.
Oil and gas policy and law have changed rapidly under the Menem
Administration. Between 1990 and 1992, YPF (state oil company) leased or
sold to the private sector 56 of its secondary fields, i.e., those producing
200 cu. ft. of crude. YPF has entered joint ventures on 4 major fields
(those producing greater than 200 cu. ft. of crude), including its largest
producing field, and sold a 50 percent participation in them to joint
venture operators with substantial U.S. oil company involvement. In light
of the complete deregulation that took place on January 1, 1991, YPF no
longer exercises a monopoly in any aspect of this sector's operations.
Under January 1, 1991 deregulation, private petroleum companies are free to
sell crude internationally or domestically at the prevailing market price.
Companies can import products subject to a 22 percent tariff. Capital that
might be used to finance acquisition of the fields may enter the country
without investigation as to origin (this facilitates joint venture financing
by Argentine firms using flight capital). Domestic and foreign investors
can enter the refinery business to process crude into product in direct
competition with YPF. Refineries in Argentina are no longer required to use
local crude, but can freely import crude from the world market.
YPF remains the principal actor in all phases of the petroleum market from
production to retail sales, but it now competes with many private companies
in these areas. Foreign investors have flocked to this sector, including
U.S. companies (Santa Fe, Occidental, Texaco, Marathon, Coastal, Enron,
Tesoro), British Gas, Repsol (Spanish Co.), AGIP (Italian), etc.
Under legislation submitted to the Argentine Congress in April, 1992, it is
proposed that YPF be established as a private joint stock company. This new
private entity would sell its downstream assets and concentrate on
exploration and development.
There remain two areas in the energy production side still restricted to the
public sector --nuclear, under the control of the National Atomic Energy
Commission and, two hydro generation facilities, under the control of
TAX TREATMENT OF FOREIGN OWNED FIRMS
Argentine income taxes are levied on the basis of "source" of the income.
Taxes are on income from capital, rights or property located, employed or
used in Argentina. While taxes are levied by the federal, provincial, and
municipal governments, the bulk of the taxation is carried out at the
federal level. Tax measures being considered by the Ministry of Economy and
suggestions offered by the World Bank could put more of the tax collection
burden at the provincial level.
Foreign owned firms are subject to income tax on corporate earnings, social
security, value added, assets (1.5 to 2.0 percent), gross revenues (0.3
percent), land and property, and corporate inspection, among others. The
GOA is changing the tax structure to reduce the number of taxes and through
this tax simplification to improve collection.
Argentina does not have a treaty with the United States for the prevention
of double taxation. Argentine corporations are not granted any relief from
Argentine income tax based on the payments of foreign taxes, but the
"source" principle keeps them from being taxed on income earned abroad.
The income tax rate for locally incorporated firms (including subsidiaries)
is 20 percent. However, the branches of foreign firms are subject to a
maximum 30 percent tax rate. Dividends distributed in cash or kind to
non-resident shareholders are subject to a flat 20 percent withholding.
However, dividend payments made by branches are taxable at a 30 percent
rate. The withholding rate for royalties from patents, know-how, etc., is
28.8 percent. However, it appears that royalties for services not available
in Argentina have a withholding rate of 21.6 percent, provided the
underlying contract fulfills the requirements of the Technology Transfer Law
22,426. Copyright royalties paid to non-residents are subject to a
withholding rate of 12.6 percent.
Under provisions of Law 23,928 in relation to outlawing indexation
contracts, there is a question whether foreign investors will be able to
make remittances for dividends or profits using inflation adjusted financial
statements. Indexation in all contracts, private and presumably public, can
no longer be indexed to objective indicators, such as, the IPC, etc.,
according to the above law. Argentina has signed 6 tax treaties, primarily
with European countries. These treaties provide for a lower withholding
rates on dividends, interest, and royalties paid to residents of these
INTELLECTUAL PROPERTY RIGHTS
Patents, trademarks and copyrights are protected under Patent Act 1864-1957,
trademark Act 1900-1957, and the Law for Protection of Industrial Design and
In October 1991, the GOA introduced pharmaceutical patent legislation that
would bring Argentine treatment of pharmaceutical products to
internationally accepted standards. This legislation is pending in the
Argentine Congress. The proposed law provides specific product protection,
a 20 year patent, and other provisions similar to those recently included in
Mexico's investment law. At this moment, there appears to be strong
opposition to this legislation and the Argentine Congress is subjecting the
proposal to close scrutiny; however, the GOA believes the legislation will
become law essentially as written.
Argentina's current protection for intellectual property rights (patents,
trademarks, and copyrights) is inadequate. The most problematic feature of
Argentina's IPR regime is its lack of protection for pharmaceutical
products. Additionally, Argentina allows a patent to lapse unless it is
worked within two years from grant, or if working is interrupted for a
period of time, except in the case of a force majeure. This latter
provision is inconsistent with the Lisbon Act of the Paris Convention to
which Argentina belongs. Furthermore, there appears to be weakness in the
enforcement and penalties associated with infringement of rights. Also,
there is no explicit protection for computer software under the country's
copyright law, but Argentine court decisions seem to provide some protection.
Under Argentine law, patents of invention may be granted for a term of 5,
10, or 15 years by the Patent Office, according to merit of the invention
and the wish of the applicant. Foreign patents may be ratified for a
maximum of 10 years, but not to exceed the term of the original foreign
patent registered by the Patent Office.
In the trademark area, an action for cancellation may be brought on the
grounds of 5 year non-use. Only a force majeure will excuse non-use.
Argentina is a member of the convention establishing the World Intellectual
Property Organization (WIPO); the Paris Convention for the Protection of
Industrial Property (Lisbon Act 1958, Stockholm Act 1967, Articles 13
through 30; the Universal Copyright Convention (Geneva Act 1952); the Berne
Convention for the Protection of Literary and Artistic Works (Brussels Act
1948); and the Geneva Convention for the Protection of the Producers of
Phonograms Against Unauthorized Duplication of their Phonograms.
INVESTMENT INCENTIVES AND PERFORMANCE REQUIREMENTS
Currently, all investment incentive programs requiring direct budgetary
outlays are suspended or eliminated by the Economic Emergency Law of
September 1989 and the November 1991 deregulation decree (proposed
legislation now before the Argentine Congress). In the past, there were a
wide variety of industrial promotion programs granting tax breaks to
specific types of industries or for establishing industries in specific
geographic regions. However, Provincial governments do offer a series of
investment incentives to attract investors to their provinces. Foreign
owned firms have equal access to these programs.
We are unaware of any performance requirements specifically for foreign
investors. In the past, some industries did have to meet performance
requirements for all investors: sugar refiners were required to export a
certain percentage of their production; public supply laws required
pharmaceutical firms to sell to the domestic market under a price control
regime; and auto producers followed "voluntary" local content agreements.
The GOA through liberalizing the trade regime and the market-opening auto
arrangement with Brazil hope to discipline these sectors and increase their
efficiency. There are no general mandatory requirements levied by the
investment law of 1976 as amended, most recently in 1989. There are no
requirements for technology transfer.
Investment disputes are adjudicated under Argentine law through the local
courts or administrative procedures. For example, disputes with tax
authorities can usually be settled at the administrative level. Appeals may
be made either to the Tax Department or to the Fiscal Court, with further
appeals taken to the competent courts of justice. The Government has agreed
to allow international arbitration or disputes arising under the overseas
Private Investment Corporation agreement. On May 21, 1991, Argentina became
a signatory to the International Center for the Settlement of Investment
Disputes, but it remains to be ratified by the Argentine Congress.
Argentina has signed bilateral investment agreements with the United States,
Italy, France, and Belgium, where Argentina agreed to have the Center or its
Additional Facility used as one of the dispute settlement options.
The most famous nationalization case in Argentina was the Government's
purchase of the railways in 1948. The British private firms received
payment in full. The Government bought the electric utility companies in
1979 from the Swiss, Belgian, and Italian owners. A less amicable case was
the Frondizi Administration's forced cancellation of all oil exploration
contracts in the mid-1960s, but this act affected foreign and local firms
alike. More recently, and related to the market-opening measures of the
Government, YPF renegotiated crude oil exploration and development contracts
with foreign producers and other arrangements that predated the January 1,
1991 market deregulation implementation program. Plan Argentino introduced
in November 1991 calls for auctioning off nearly 200 exploration areas that
companies will be free to develop. The contracts are free of the
encumbrances of Plan Houston (the previous Administrations liberalized oil
production regime), but will be less generous than former contracts, because
of the market oriented regime put in place in the last 3 years.
BILATERAL INVESTMENT AGREEMENTS (BITs)
Argentina has signed bilateral investment agreements with Germany,
Switzerland, the United Kingdom, Italy, Belgium and France. On November 14,
1991 the GOA signed a far-reaching BIT with the United States that provides
for national treatment in virtually all economic activities, including
mining and potentially insurance. The inclusion of mining was confirmed in
September by the Argentine Congress which ratified the modified BIT on
September 25. This modified version will be presented to the U.S. Senate
for ratification in late 1992. There is no expected opposition to this
treaty. Most significantly, the BIT provides for international arbitration
of investment disputes under the auspices of the World Bank's International
Center for the settlement of Investment Disputes (ICSID) or other mutually
agreed international forum. Argentina is negotiating an investment
agreement with Chile that will also open the mining sector to development.
This agreement is part of a broad series of arrangements between these two
The Italian and Spanish agreements establish a government-to-government
framework for channeling private investment and official financing and
guarantees from these two governments. The agreements have given certain
Italian, and Spanish investors rights to repatriate capital, even during a
foreign exchange crisis. Nevertheless, the GOA's decision to disinvoke GATT
Article XVIII:B (balance of payments) appears to reduce substantially the
transfer risk for all investors.
OPIC AND OTHER INVESTMENT INSURANCE PROGRAMS
The Overseas Private Investment Corporation (OPIC) reopened for business in
Argentina in 1987. The 1961 protocol between United States and Argentina on
inconvertibility remains in force as does the 1959 bilateral treaty allowing
for the provision of political risk insurance for investment. Under the
treaties the Argentine Government allows OPIC to insure any investment which
has received Ministry of Economy approval. An amendment to the agreement
made in May 1990 established semiautomatic ministry approval for OPIC
investment coverage applications for insurance and loan guarantees. Under
the Menem Administration, Argentina also has become a member of the World
Bank's Multilateral Investment Guarantee Agency.
Argentina's labor force of roughly 13 million is well educated and highly
unionized. Labor laws are generally protective of worker rights and job
security. Although recent congressionally sanctioned labor codes have been
modified to provide greater employer freedom. Specifically, injury
compensation provisions were modified and provisions to bring on temporary
workers were liberalized. Moreover, the GOA is reviewing other changes to
increase employment flexibility. An initial program of unemployment
insurance was included in the modifications passed by the Argentine
Congress. The Argentine Government's labor survey for October 1991 reported
unemployment at 5.5 percent (an improvement compared to the May 1991 survey)
of the labor force.
TRANSFER OF TECHNOLOGY/LICENSING AGREEMENTS
Law 22,426 and implementing decree 580/81, promulgated in March 1981, define
the regulations for transfer of technology or licensing agreements.
Technology for the purposes of the law consists of patents, industrial
designs or models, or any technical knowledge related to the manufacture of
products or the supply of services. Technology or trademark agreements
between independent firms should be filed with the National Institute of
Industrial Technology (INTI) as a matter of record and information.
No specific restrictions on terms of the agreement between independent firms
are imposed. Agreements between related firms (i.e., a parent company and
its Argentine subsidiary) are subject to prior approval by INTI. Such
agreements between related parties are approved provided that "their terms
and conditions are consistent with normal market practices between
independent parties, and that the price of consideration stipulated therein
is commensurate with the technology to be transferred." A royalty payment
between related firms is generally considered acceptable if it does not
exceed 5 percent of net sales of the products manufactured with the licensed
technology. Royalty payments agreements are reviewed by INTI, which has 90
days to give a ruling, otherwise the licensing agreement is automatically
The lack of approval of agreements between related firms or the lack of
presentation of agreements between independent firms does not affect the
legal validity of such agreements. However, the registration or approval
process is critical for tax purposes. If the agreement is not
registered/approved, the payments made to the licensors cannot be declared
as tax-deductible operating expenses. The payments would be regarded as net
income earned by the licensor which means that the payments would be subject
to 30 percent income tax withholding, rather than the 10-24 percent rates
normally applicable to royalty and similar payments.
GUIDANCE FOR BUSINESS TRAVELERS
Visas are no longer required for U.S. citizens traveling to Argentina. No
special immunizations are required to enter Argentina.
Business dress and appearance, as well as one's general approach to business
relations, should be conservative. A prior appointment for a business call
is usually necessary and considered a customary courtesy. The pace of
negotiation is slower than it is in the United States and is based much more
on personal contact.
Government offices are open from noon to 7 p.m. during the winter and from 7
a.m. to 2 p.m. during the summer, Monday through Friday. Although closing
times vary slightly among provinces, banking hours are generally 10 a.m. to
4 p.m. Monday through Friday. Appointments with bank officials outside
regular banking hours frequently can be arranged. In addition to the
holidays listed below, all banks are closed November 6 (Bank Employee Day)
and December 30. While business hours are generally 8-8:30 a.m. to 5:30-6
p.m., executives usually begin work later in the morning and stay later in
the evening. Other than business lunches, appointments with companies are
generally not made between noon and 3 p.m.
BUSINESS HOLIDAYS AND VACATION PERIODS
The best months for business travel to Argentina are April through
November. Argentines take vacations in January and February (the summer
season), and during the second and third weeks of July. Some firms are
closed for a time during these periods. The prominent Argentine
businessperson is a frequent traveler. National holidays are January 1, New
Year's Day; April 2, Malvinas Day; May 1, Labor Day; May 25, Revolution
(1810) Day; June 20, Flag Day; July 9, Independence (1816) Day; August 17,
Death of General Jose de San Martin; October 12, Discovery of America
(Columbus Day); and, December 25, Christmas.
In addition, on a number of "non-work days," government offices, banks,
insurance companies, and courts are closed, but closing is optional for
business and commerce. These include several days with moveable dates
--Carnival Monday and Tuesday before Ash Wednesday, Holy Thursday and Good
Friday before Easter, and December 8, Feast of the Immaculate Conception.
In addition, there are a number of local patriotic or religious holidays,
especially feasts of patron saints (e.g., November 11, St. Martin of Tours
in Buenos Aires) which are observed in part or all of the community in
various cities or provinces.
Climate ranges from the hot, subtropical lowlands of the north to cold and
rainy Tierra del Fuego in South. Most of Argentina enjoys a temperate
climate. Buenos Aires' climate is similar to that of Washington, D.C.,
except that the winter is less severe and it does not snow. Travelers
should bear in mind that the seasons are reversed (for example, the weather
in January in Buenos Aires is like July in Washington, D.C.).
All business in Argentina is transacted in Spanish and all documents and
records must be in Spanish to constitute valid evidence. (When documents
made out abroad in a foreign language are to take effect here, they must be
accompanied by a Spanish translation signed by a qualified and registered
Public Translator). A good working knowledge of Spanish is therefore
essential for anyone planning to work in Argentina for any length of time.
Most Argentines with a secondary school education understand English. In
the large cities it is not difficult to find clerical, technical and
managerial staff with a reasonable working knowledge of at least one foreign
language, such as English, French, German, Portuguese, Italian or Japanese.
Buenos Aires has no particular health risks and no special precautions need
be taken. Sanitary conditions are good. Tap water is safe. Many competent
doctors, dentists, and specialists are available in Buenos Aires.
International services are adequate, although phone calls can meet with
delays. The local telephone network is overburdened. The new owners of the
privatized telephone system are committed to major investments in the next 5
years to improve operations. Buenos Aires is one to three times zones ahead
of Eastern Standard Time, depending of the time of the year.
Buenos Aires has an extensive system of subways and buses. Taxis are
plentiful. Fares for Buenos Aires metered taxis are quite reasonable.
Small tips are customary, though not always expected. The "remise," a kind
of taxi-limousine service, is telephone dispatched, but they may also be
hailed in front of major hotels (the fare should be established before
riding). Railroad travel to the suburbs is available from Retiro station in
downtown Buenos Aires. Travel outside greater Buenos Aires can be by train,
air, bus, or auto. Comfortable overnight train service is available to main
cities with good sleeping cars and service. Two main airport are accessible
to Buenos Aires. One is Aeroparque Jorge Newbery, near the downtown section
and the River Plate. This airport handles propeller aircraft and smaller
jets (including Boeing 727 and 737). All domestic flights and some regional
flights to Asuncion and Montevideo use the Aeroparque. The International
Airport of Ezeiza is about a 45-60 minute drive from downtown Buenos Aires.
It handles all large jets and most international flights. Ezeiza is served
by international carriers from Miami, New York, and Los Angeles, and by many
airports throughout Europe and Latin America.
HOTELS (Buenos Aires)
Buenos Aires Sheraton, San Martin 1225; Tel.: 31-6311.
Claridge Hotel, Tucuman 535; Tel.: 32-4001.
Hotel Libertador, Av. Cordoba y Maipu; Tel.: 392-2095.
Hotel Plaza, Florida 1005; Tel.: 31-5011.
Bauen Hotel, Av. Callao 286; Tel.: 40-7921.
El Conquistador, Suipacha 948; Tel.: 31-2872.
Eldorado Hotel, Av. Cordoba 622; Tel.: 392-5311.
Hotel Presidente, Cerrito 850; Tel.: 49-7671.
Lancaster Hotel, Av. Cordoba 405; Tel.: 31-3012.
Buenos Aires has many excellent restaurants and night clubs suitable for
either entertaining business contacts or simply relaxing. Business attire
-or elegant sports clothes- are normally worn in the evenings. Buenos
Aires' restaurants and clubs are no more formal than similar establishments
in the United States. The Boca harbor district is still famous for its
tango dancing. Other prominent dining areas include Barrio Norte and La
Costanera. Theater, opera, concerts and cinemas are popular in Buenos
Aires, and the Colon theater is a world famous concert hall. Most films are
in English with Spanish subtitles. There are more than 16 museums in Buenos
Aires; the Isaac Fernandez Blanco Museum of Spanish-American Art is of
particular interest. The city abounds in parks; the largest, Palermo park,
features a zoo, botanical gardens, race track, golf course, tennis courts,
and miles of bridle paths.
A weekend trip to the popular Mar del Plata summer resort can be easily
arranged. The city has a casino, excellent restaurants, and attractive
beaches. Further away (but possible to visit during a weekend) are the
Iguazu Falls, which offer the spectacle of 270 waterfalls cascading 240
feet. Another possibility for a long weekend is Bariloche, a resort city in
the Andes mountains known for its winter ski runs. For the summer visitor,
trout and salmon fishing are excellent as are the view of the mountains and
Closer to Buenos Aires is La Plata, the capital of the Province of Buenos
Aires. Built around traditional Spanish-style squares, the city features
one of the most important history museums in Latin America. A pleasant
drive north of the greater Buenos Aires metropolitan area leads to El Tigre,
home of many yacht clubs and the starting point for weekend river
excursions. Several of the major hotels organize tours to "estancias"
(ranches), many of which include an "asado", an Argentina-style barbecue, as
well as folk music and dance.
SOURCES OF ECONOMIC AND COMMERCIAL INFORMATION
U.S. FOREIGN SERVICE POST IN ARGENTINA
The United States is represented in Argentina by an Embassy located in Av.
Colombia 4300; 1425 Buenos Aires, Argentina (mailing address from the United
States: APO Miami 34034). The telephone number of the Embassy is 774-7611
(8811, 9911) or if direct dialing from the U.S. 011-541-774-7611. Fax:
011-541-775-6040. The US/FCS Commercial Office can be reached at
011-541-773-1063. Personnel of the U.S. Foreign Commercial Service and the
Department of State are available to assist U.S. business visitors to
A booklet, "Key Officers at Foreign Service Posts," is published quarterly
by the U.S. Department of State. Copies may be purchased from the
Superintendent of Documents, Government Printing Office, Washington, D.C.
GOVERNMENT MINISTRIES AND SECRETARIATS, AND OFFICIAL BANKS
MINISTERIO DE ECONOMIA (Ministry of Economy), Hipolito Yrigoyen 250; 1310
Buenos Aires; Tel.: 342-6411, 342-6421/29; Fax: 331-0292.
--SECRETARIA DE ECONOMIA (Secretariat of Economy); Hipolito Yrigoyen 250;
1310 Buenos Aires; Tel.: 331-2208.
--SECRETARIA DE HACIENDA (Secretariat of Finance); Hipolito Yrigoyen 250;
1310 Buenos Aires; Tel.: 331-0731, 342-2937.
--SECRETARIA DE INDUSTRIA Y COMERCIO (Secretariat of Industry and Trade);
Av. Julio A. Roca 651; 1322 Buenos Aires; Tel.: 334-5068, 342-7822; Fax:
--SECRETARIA DE MINERIA (Secretariat of Mining); Av. Julio A. Roca 651; 1322
Buenos Aires; Tel.: 331-9954, 343-6314.
--SECRETARIA DE ENERGIA E HIDROCARBUROS (Secretariat of Energy and
Hydrocarbons); Av. Julio A. Roca 651; 1322 Buenos Aires; Tel.: 334-5138,
--SECRETARIA DE AGRICULTURA, GANADERIA Y PESCA (Secretariat of Agriculture,
Livestock and Fisheries); Av. Paseo Colon 982; 1063 Buenos Aires; Tel.:
--SECRETARIA DE OBRAS PUBLICAS Y COMUNICACIONES (Secretariat of Public Works
and Communications); Sarmiento 151; 1041 Buenos Aires; Tel.: 49-9481,
--DIRECCION NACIONAL DE RECURSOS HIDRICOS (National Bureau of Water
Resources); Paseo Colon 171; 1063 Buenos Aires; Tel.: 383-1152/5250.
--SECRETARIA DE TRANSPORTE (Secretariat of Transportation); Av. 9 de Julio
1925; 1332 Buenos Aires; Tel.: 381-1435/4007.
MINISTERIO DE RELACIONES EXTERIORES (Ministry of Foreign Affairs);
Reconquista 1088; 1003 Buenos Aires; Tel: 331-0071/9; Fax: 312-3539/3423.
--SECRETARIA DE RELACIONES ECONOMICAS INTERNACIONALES (Secretariat of
International Economic Relations); Reconquista 1088; 1003 Buenos Aires; Tel:
331-7281/4073; Fax: 312-0965.
MINISTERIO DE DEFENSA (Ministry of Defense); Paseo Colon 255; 1063 Buenos
Aires; Tel.: 343-1561/9.
MINISTERIO DE SALUD PUBLICA Y ACCION SOCIAL (Ministry of Public Health and
Social Action); Defensa 120; 1345 Buenos Aires; Tel.: 34-0048.
MINISTERIO DE CULTURA Y EDUCACION (Ministry of Culture and Education);
Pizzurno 935; 1020 Buenos Aires; Tel.: 42-4551/9.
MINISTERIO DE JUSTICIA (Ministry of Justice); Gelly Obes 2289; 1425 Buenos
Aires; Tel.: 803-4051/2/3; Fax: 803-3955.
MINISTERIO DEL INTERIOR (Ministry of the Interior); Balcarce 24; 1064 Buenos
Aires; Tel.: 46-9841/9.
MINISTERIO DE TRABAJO Y SEGURIDAD SOCIAL (Ministry of Labor and Social
Security); Av. L. N. Alem 650; 1001 Buenos Aires; Tel.: 311-3303/2945.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA (Central Bank of Argentina);
Reconquista 266; 1003 Buenos Aires; Tel.: 49-5411, 49-5426.
BANCO DE LA NACION ARGENTINA (Bank of the Argentine Nation); Bartolome Mitre
326; 1036 Buenos Aires; Tel.: 343-1011/21; Fax: 331-8745.
ARGENTINE GOVERNMENT REPRESENTATION IN THE UNITED STATES
The Embassy of Argentina is located at: 1600 New Hampshire Ave., NW.,
Washington, D.C. 20009; Tel.: (202) 939-6400.
The office of the Minister Counselor for Economic and Commercial Affairs is
located at: 1667 K St., NW; Washington, D.C. 20006; Tel.: (202) 387-2527.
The office of the Argentine Financial Representative is located at: 1901 L
St., NW, Suite 606; Washington, D.C. 20036; Tel.: (202) 466-3021; Fax:
The Argentine Government maintains several trade offices in the United
States which can assist U.S. firms interested in importing from Argentina as
well as considering investing in Argentina:
NEW YORK: 900 3rd Ave., 4th Floor; New York, NY 10022; Tel.: (212) 759-6477.
ILLINOIS: Two Illinois Center; 233 N. Michigan Ave., Suite 1408; Chicago,
IL 60601; Tel.: (312) 565-2466.
TEXAS: 2000 South Post Oak Blvd., Suite 1840; Houston, TX 77056; Tel.:
CALIFORNIA: 3580 Wilshire Blvd., Suite 1412; Los Angeles, CA 90010; Tel.:
PUERTO RICO: Royal Bank Center, Suite 803; Hato Rey, PR 00917; Tel.: 809)
Consulates or Consulates General of Argentina are located in the following
Chicago: 10 N. Clark St., Suite 602, Chicago, IL 60602; Tel.: (312)
Houston: 2000 Post Oak Blvd., Houston, TX 77056; Tel.: (713) 871-8935.
Los Angeles: World Trade Center Building, Suite 257, 350 S. Figueroa St.;
Los Angeles, CA 90071; Tel.: (213) 687-8884.
Miami: 25 S.E. Second Ave., Suite 722; Miami, FL 33131; Tel.: (305)
New Orleans: International Trade Mart, Suite 915; Two Canal St.; New
Orleans, LA 70130; Tel.: (504) 523-2823.
New York: 12 West 56th St.; New York, NY 10019; Tel.: (212) 603-0400.
San Francisco: 870 Market St., Suite 408; San Francisco, CA 94102; Tel.:
Puerto Rico: Edificio Mercantil, Oficina 819; Ave. Ponce de Leon, Parada 27;
Hato Rey, PR 00918; Tel.: (809) 754-6500.
The following Argentine state-owned companies and banks maintain offices in
the United States:
Y.P.F. (State Oil Company), Yacimientos Petroliferos Fiscales; 5 Greenway
Plaza, Suite 210; Houston, TX 77046; Tel.: (713) 621-4850.
E.L.M.A. (State Shipping Company), Empresa Lineas Maritimas Argentinas; 1
World Trade Center, Suite 2611; New York, NY 10048; Tel.: (212) 432-0877.
Banco de la Nacion Argentina, 299 Park Ave.; New York, NY 10017; Tel.:
Banco de la Provincia de Buenos Aires; 650 Fifth Ave.; New York, NY 10019;
Tel.: (212) 397-7650; Fax.: (212) 397-7676.
AMERICAN CHAMBER OF COMMERCE IN ARGENTINA, Av. Leandro N. Alem 1110, Piso
13; 1001 Buenos Aires; Tel.: 311-5420/5126. Fax: 311-9076.
CAMARA ARGENTINA DE COMERCIO (Argentina Chamber of Commerce), Av. Leandro N.
Alem 36; 1003 Buenos Aires; Tel.: 311-8051/5.
UNION INDUSTRIAL ARGENTINA (Argentine Industry Association), Av. Leandro N.
Alem 1067; 1001 Buenos Aires; Tel.: 313-2561/2611, 311-6188/8429.
ASSOCIATION OF ARGENTINE IMPORTERS AND EXPORTERS, Belgrano 124 - Piso 1,
1092 Buenos Aires; Tel.: 342-0010/0018/0019; Fax: 342-1312.
CAMARA DE SUPERMERCADOS (Association of Super Markets), Paraguay 577, 3rd.
1057 Buenos Aires; Tel.: 312-3790/5419; Fax: 312-5846.
CAMARA DE IMPORTADORES DE LA REPUBLICA ARGENTINA (Chamber of Importers), Av.
Belgrano 427; 1092 Buenos Aires; Tel.: 342-1101/0523; Fax: 331-9342.
CAMARA DE EXPORTADORES DE LA REPUBLICA ARGENTINA (Chamber of Exporters) Av.
Roque Saenz Pena 740 - Piso 1; 1023 Buenos Aires; Tel.: 49-2556/2583.
CAMARA DE COMERCIO EXTERIOR DEL CENTRO DE LA REPUBLICA (Chamber of Foreign
Trade of Central Argentina), Rosario de Santa Fe 231 - Piso 4, Of. 9; 5000
Cordoba, Prov. de Cordoba; Tel.: 051-44804; Av. Callao 332, P.B.; 1022
Buenos Aires; Tel.: 46-6912.
SOCIEDAD RURAL ARGENTINA (Argentine Agricultural Association), Florida 460;
1005 Buenos Aires, Argentina; Tel.: 322-3431/2030.
CAMARA DE COMERCIO EXTERIOR DE LA FEDERACION DEL COMERCIO E INDUSTRIA, Av.
Cordoba 1868; Rosario, Prov. de Santa Fe; Tel.: 5441-23896
In the United States:
Argentine-American Chamber of Commerce, Inc., 50 West 34th St., 6th Floor,
Suite C-2; New York, NY 10001; Tel.: (212) 564-3855.
U.S. DEPARTMENT OF COMMERCE
1. Many U.S. Department of Commerce publications on Latin America are for
sale by the National Technical Information Service, U.S. Department of
Commerce, Springfield, VA; Tel.: (703) 487-4650; Fax: (703) 321-8547.
Argentine Package #PB92-168459.
2. Also DOC studies and papers can be obtained through the National Trade
Data Bank at depository libraries and local ITA US/FCS offices.
3. The Argentine Desk of the Department of Commerce maintains comprehensive
files and reference sources which contain information on Argentine business
regulations and conditions, production, import and export data, industry
trends, business contacts, etc. Included are daily commercial reports from
the U.S. Embassy in Buenos Aires. To obtain guidance and assistance in
using the information resources on Argentina, contact the Southern Cone
Division, Office of Latin America, U.S. Department of Commerce, Room 3021,
Washington, D.C. 20230; Tel.: (202) 482-1548.
U.S. DEPARTMENT OF AGRICULTURE
The U.S. Foreign Agricultural Service publishes annual reports and periodic
updates on various agricultural sectors in Argentina, including grains and
feed; oilseeds and products; dairy, livestock and poultry; sugar and
molasses; cotton; citrus; dried, canned and deciduous fruit; and tobacco.
Reports can be ordered through: Foreign Agricultural Service, Information
Division, room 5918 South Agriculture Building, Washington, D.C. 20250;
Tel.: (202) 382-1314.
U.S. DEPARTMENT OF STATE
"Background Notes: Argentina," published by the U.S. Department of State
Bureau of Public Affairs, available from the Superintendent of Documents,
U.S. Government Printing Office, Washington, D.C. 20402.
El Cronista Comercial, (weekdays), Honduras 5663; 1414 Buenos Aires,
Argentina; Tel.: 775-4476.
Ambito Financiero, (weekdays), Pasaje Carabelas 241, Piso 3; 1009 Buenos
Aires, Argentina; Tel.: 331-5528/5561; Fax: 331-7642.
Mercado, (weekly), Peru 263; 1067 Buenos Aires, Argentina; Tel.:
Business Trends: A Weekly Report to Management on the Argentine Economy,
Consejo Tecnico de Inversiones S.A.; Esmeralda 320,
Piso 6; 1343 Buenos Aires, Argentina; Tel.: 326-2948/2814.
Review of the River Plate, (three issues per month), Casilla de Correo 294
(Suc. 13-B); 1431 Buenos Aires, Argentina.
Comments on Argentine Trade (monthly); AMCHAM Weekly News, American Chamber
of Commerce in Argentina, Av. Leandro N. Alem 1110 - Piso 13; 1001 Buenos
Aires, Argentina; Tel.: 311-5420/5126; Fax: 311-9076
Business Latin America, (weekly), Business International Corp., One Dag
Hammerskjold Plaza, New York, NY 10017; Tel.: (212) 750-6300.
Council of the Americas Washington Report: A Summary of Issues of Interest
to U.S. Corporations Active in Latin America; Americas Society Inc.; 1625 K
Street, NW, Suite 1200; Washington, DC 20006; Tel.: (202) 659-1547.
Guia Practica del Exportador e Importador, (monthly), Lavalle 1125; Piso 3,
1048 Buenos Aires, Argentina; Tel.: 35-2829/8533; Fax 011-541-46-1000.
Nomenclador, Arancelario, Aduanero, (weekly), Editorial I.A.R.A. SRL;
Castillo 362; 1414 Buenos Aires, Argentina; Tel.: 773-2462.
Doing Business in Argentina, Price Waterhouse & Co., Distribution Center;
P.O. Box 30004, Tampa, FL 33630; Tel.: (813) 876-9000.
Taxation in Argentina, Deloitte, Touche, 1114 Avenue of the Americas, New
York, NY 10036 or in Argentina, Sarmiento 624, 1041 Buenos Aires; Tel.:
Argentina, International Series, Ernst & Young, International Operations,
153 East 53rd St., New York, NY 10022; Tel.: (212) 888-9100.
Tax and Trade Profiles: South and Central America (Section on Argentina),
Touche Ross &
Co., Publications Department, 1635 Broadway, New York, NY 10019; Tel.:
Summary of Business Conditions in Argentina, Harteneck, Lopez y Cia.
(Representatives of Coopers & Lybrand), 25 de Mayo 140, Piso 6; 1002 Buenos
Aires, Argentina; Tel.: (54-1) 334-3830/5198.
Business Corporations in Argentina: An Undated Handbook of Legislation and
Statistics; Foreign Investment in Argentina, Latin American Linguistic
Service; Av. Caseros 796, Piso 5; Casilla de Correo 3699; 1000 Buenos Aires,
Argentina; Tel.: 26-9831.
Investing, Licensing and Trade Conditions Abroad; Argentina, Business
International Corp., One Dag Hammerskjold Plaza; New York, NY 10019; Tel.:
Tax and Trade Guide, Arthur Anderson & Co., International Tax Department,
1345 Avenue of the Americas, New York, NY 10105; Tel.: (212) 708-4000.
Investment Laws of the World: Argentina, International Center for Settlement
of Investment Disputes, Oceanus Publications, Inc., Dobbs Ferry, New York,
Laws of Argentina in Matters Affecting Business, General Secretariat,
Organization of American States (OAS), Department of Publications,
Washington, DC 20006; Tel.: (202) 941-1617.
Guia de la Industria, Rivadavia 819; 1002 Buenos Aires, Argentina; Tel.:
342-1898/99; Fax: 331-6628.
Produccion y Consumo, Av. Boedo 822; 1218 Buenos Aires, Argentina; Tel.:
Listas Argentinas, Av. Belgrano 673; 1092 Buenos Aires; Tel.: 342-2421.
Reference Book: Argentina, Dun & Bradstreet, Florida 234, Piso 4; Buenos
Aires, Argentina. In the United States: One World Trade Center, Suite 9069;
New York, NY 10048; Tel.: (212) 938-8400.
Guia de Exportadores e Importadores Argentinos (Directory of Argentine
Exporters & Importers), Editorial Scott S.A., Guemes 3440 P.B. "A"; 1425
Buenos Aires, Argentina; Tel/Fax: 771-7940.
American Business in Argentina, American Chamber of Commerce in Argentina;
Av. Leandro N. Alem 1110, Piso 13; 1001 Buenos Aires, Argentina; Tel.:
311-5420/5126; Fax: 311-9076.
U.S. Firms, Subsidiaries and Affiliates in Argentina, World Trade Academy
Press, Inc., 50 East 42nd St., Suite 805; New York, NY 10017; Tel.: (212)
Comercio Exterior; Indicadores Industriales; Boletin Estadistico Trimestral,
INDEC (Instituto Nacional de Estadistica y Censos); Hipolito Yrigoyen 250;
1086 Buenos Aires, Argentina.
Memoria Anual; Boletin Estadistico, Banco Central de la Republica Argentina,
Reconquista 266; Buenos Aires, Argentina; Tel: 49-5411.
Informe Economico: Resena Estadistica, Ministerio de Economia; Area de
Coyuntura; Hipolito Yrigoyen 250, Piso 8, Of. 829; 1086 Buenos Aires,
Argentina; Tel.: 30-2916.
Boletin de Comercio Exterior Argentino, Secretaria de Industria y Comercio
Exterior, Direccion Nacional de Investigaciones Sectoriales, Julio Roca 651;
1322 Buenos Aires, Argentina.
Anuario de la Economia Argentina/Annual Report of the Argentine Economy;
Consejo Tecnico de Inversiones S.A., Esmeralda 320, Piso 6; 1343 Buenos
Aires, Argentina; Tel.: 35-0184.
Anuario de Comercio Exterior: Analisis Estadistico, Central de Estadisticas
Nacionales de la Republica Argentina; Av. de Mayo 953, Piso 10; 1084 Buenos
Aires, Argentina; Tel.: 38-6500.
This file extracted from Dept. of Commerce National Trade Data Bank (NTDB)
CD-ROM SuDoc No. C 1.88:993/12. Processed 12/01/1994 by software developed
by RCM (UM-St. Louis Libraries) / OBR_0011