Argentina’s recent decrees have introduced several changes to promote a more favorable environment for imports and increase the country’s competitiveness in the global market.
Decree 384/2024, recently published in the Official Gazette of the Argentine Republic, introduces amendments to the Common External Tariff (CET) and the Mercosur Common Nomenclature (NCM) as approved by the Mercosur Common Market Group.
This measure aims to continue deregulating the customs sector, which aligns with the current government’s anti-interventionist approach. The decree seeks to balance protecting national production with incentives to enhance competitiveness, ultimately allowing consumers to access products at more competitive prices.
The decree’s preamble states, “The common market implies the free movement of goods, services, and factors of production between countries through the elimination of customs duties, non-tariff restrictions on the movement of goods, and any other equivalent measures.”
Among the main changes proposed by the decree are:
- Implementing new Common Market Group (GMC) resolutions to align with regional standards.
- Reviewing and modifying tariff items and adjusting the Common External Tariff (CET) and Export Refund (ER) rates. These changes aim to promote the import of strategic products and reduce costs for local companies.
- Introducing new exemptions to the CET and updating rates for capital goods. This will facilitate importing machinery and advanced technology essential for modernizing the national productive infrastructure.
- Temporarily increasing tariffs for certain goods to protect sensitive sectors while they adapt to new market dynamics.
- Raising import tariffs on crucial goods for the local economy.
Boosting International Competitiveness
The measures approved by Decree 384/24 are designed to open the Argentine market and enhance its global competitiveness. These new regulations build on those introduced earlier in 2024, aiming to significantly increase imports, especially in sectors like technology, machinery, and consumer goods, where tariff reductions will make foreign goods more appealing.
The tariff provisions are also crafted to attract foreign investment by providing a more predictable and favorable environment for international companies looking to enter or expand their operations in Argentina. This is expected to boost trade, create jobs, and spur technological development in the country.
Additionally, Resolution 32/2024 from the Ministry of Economy, through the Secretariat of Industry and Commerce, introduces significant changes. It simplifies the process for the temporary importation of goods that will be transformed and then re-exported without import duties, making it more efficient and attractive to foreign investors.
According to the Argentine National Institute of Statistics and Censuses (INDEC, for its acronym in Spanish), Argentina’s trade exchange accumulated a surplus of $6.157 billion in the first four months of 2024. Brazil, the European Union, the United States, and China were the main trading partners. Statistics show that for every $1,000 spent on imports, $418 was used to purchase intermediate goods.
Decree 384/24, Resolution 32/2024, and the other measures announced in recent months represent significant steps toward Argentina’s economic opening, aligning with global trade liberalization trends. With this new approach, Argentina again positions itself as an attractive destination for investment and international trade.
Aerodoc’s solution
Aerodoc has the solution to speed up the process of importing technological equipment to Argentina. With its IOR service, Aerodoc takes care of the entire process, from selling, distributing, and storing to delivering your products in Argentina. This means you can confidently enter this market without the complications of legal complexities.
Aerodoc’s one-stop-shop solution ensures a seamless experience for you. It provides door-to-door deliveries and efficient Last-Mile services, handling all customs, compliance, and documentation requirements. You can trust us to ensure your goods arrive smoothly and on time. By choosing Aerodoc as your Importer Of Record, you gain a competitive edge, allowing you to expand your business globally confidently.
Aerodoc can also assist companies with remote employees in Argentina who do not have a legal presence in the country by delivering “Welcome Kits.” (Click here to learn more about this service).
If you want to know more about Aerodoc’s services, please contact our team.
