ABU DHABI: Argentina’s Under-Secretary for International Economic Negotiations Gabriel Martínez underscored his country’s ongoing efforts, through Mercosur (Southern Common Market), to finalise a free trade agreement with the United Arab Emirates, aimed at enhancing bilateral relations and trade.

Martínez told the Emirates News Agency (WAM) that this effort aligns with Mercosur’s strategy, agreed upon by member countries Brazil, Argentina, Uruguay, and Paraguay, to engage in negotiations with third parties, including the European Union and the European Free Trade Association, to enhance market access.

Participating in the World Trade Organisation’s Ministerial Conference (MC13), currently underway in Abu Dhabi, Martínez highlighted his government’s efforts to spotlight Argentina’s “new image” globally. He emphasised that structural reforms and removing trade barriers will boost the nation’s economy.

Martínez highlighted previous trade obstacles in imports and exports under the former government, including
non-automatic licensing regimes, as well as export restrictions on food products like wheat, maise, and meat.

The Under-Secretary highlighted Argentina’s investment-conducive environment in areas such as mining, forestry, agriculture and livestock.

Addressing Argentina’s economic revitalisation, Martínez mentioned plans to renegotiate bilateral investment agreements established in the 1990s. He anticipated to adopt models akin to the bilateral investment guarantee treaty signed with the UAE, which is expected to be ratified by the South American country soon.

During his working visit to the UAE, Martínez met with several officials from the Emirati Minister for Economic and Trade Affairs and discussed ways to enhance bilateral relations, including potential UAE support for constructing a bi-oceanic corridor linking the Pacific with the Atlantic, benefiting South American nations.

In 2022, trade between Argentina and the UAE amounted to $1.8 billion, primarily comprising Argentine exports of foodstuffs such
as meat and soybean residues, and UAE imports of machinery and tools.

Highlighting Argentina’s priorities at the WTO MC13, Martínez emphasised addressing reforms to the dispute settlement system and addressing concerns regarding protectionist measures adopted by developed nations, which may pose potential risks to the multilateral trading system.

Source: Emirates News Agency