MercoPress. South Atlantic News Agency

Argentina after a more balanced trade with the US, says Ambassador Argüello

Argüello said “we don’t want to buy less, but rather sell more”

Argentine Ambassador to US Jorge Argüello stated on Wednesday that the best way to reach a more balanced trade with the US is increasing Argentine exports to that country and clarified that Argentina has no plans to buy less, but rather selling more goods.

Argüello made these comments at the Los Angeles Chamber of Commerce, recalling that while in 2003 Argentina had a positive trade balance of one billion dollars, “in 2011 the figure was of 4.7 billion dollars but in favour of the United States”.

In that scenario, “the Argentine Government has no intentions of buying less from the US but selling more goods” hoping to reach “a fair bilateral trade, that grows in a sustainable manner and with positive effects for both countries”.

“The rhythm of US imports into Argentina doubled the rhythm of Argentine exports to the US during the last decade. The rate growth of US exports will reach, at least in the case of Argentina, the aim of doubling US exports by 2014 as stated by President Obama during the 2010 State of the Union speech” underlined Ambassador Argüello.

Argüello also recalled that it was President Obama who reiterated, following bilateral meetings with President Cristina Fernández both in France and in Colombia, that the US and Argentina have links that go back two centuries and stressed the fact that “this is an opportunity to build” based on that history.

“It is possible to promote the development of our bilateral economic and trade relations as long as we hold on to a long term, strategic focused goal which means managing trade frictions through communication, negotiation and by actively seeking the convergence of interests,” the Ambassador added.

Regarding foreign investment Argüello highlighted that aside from being one of the world’s largest investors, the US is the second largest investor in Argentina, and the country receives the fourth largest amount of direct US investments in Latin America, behind Brazil, Mexico and Chile.