Mercosur will present a joint proposal to the European Union for a wide ranging trade agreement between the two blocks later this month, announced Brazil' Minister of Industry Mauro Borges, following a visit to Buenos Aires where he met with Economy minister Axel Kicillof and Industry minister Debora Giorgi.
Japanese car maker Toyota Motor Corp. plans to invest 800 million dollars to boost production capacity at a factory in the province of Buenos Aires. The plan unveiled by Argentine Industry Minister Debora Giorgi will almost double the size of the factory and allows to increase vehicle output to 140,000 units a year from 92,000 currently.
Argentina is creating new tax incentives to bolster a domestic software industry that is expected to generate sales of 3.75 billion dollars this year, including 900 million in exports. The incentives take effect this week and are to remain in place through the end of 2019.
Members from the Argentine government defended the “Kirchner inclusive development model” and blasted the credit-risk rating agencies while warning of the existence of a financial “anarchy-capitalism” which is suffocating the economies of the world.
Industry Minister Debora Giorgi said that Argentina is on track to become, in the short term, the fourth largest producer of poultry meat. According to the Industrial Strategic Plan 2020, the sector achieved in less than a decade exports of 600.000 tons per year.
Spain and the UK will join forces against attacks on their companies in Latin America, Spanish Foreign Minister José Manuel García-Margallo said, following a meeting on Tuesday in London with his counterpart William Hague.
Argentina is considering applying measures to restrict the import of Mexican cars, which could include unilaterally denouncing the Economic Complementation Agreement (ACE) 55, which regulates bilateral trade, Argentine government sources told local media, ámbito.com.
Argentina received a barrage of criticism at the World Trade Organization on Friday where the United States, European Union, Japan and 10 other countries accused it of tying imports up in red tape. They also requested Argentina provide a detailed written explanation of why in its view “these measures and practices are consistent with WTO rules”.
Argentina plans to intensify its policy of protecting the trade surplus and impeding the outflow of hard currency and this week is expected to add another one hundred tariff positions which will be submitted to an increase in import levies.
Argentina categorically rejected ‘false’ statements from the EU Trade spokesperson relative to a clarification request to Argentina, allegedly not replied, involving relations of the UK with Buenos Aires and also questioned the EU ‘silence’ on the Malvinas sovereignty question.