SHANGHAI – Argentina is using the meeting of G20 trade ministers in Shanghai to raise awareness among the world’s leading economies about the “normalization” of Argentina during the term of the new government, led by Mauricio Macri.
“We have begun a new phase in Argentina in the last six months that has a lot to do with what we call the normalization of the economy and the country in general,” which brings with it many opportunities which I will be talking about this weekend in several bilateral meetings, Argentina’s Production Minister Francisco Cabrera, who is representing the country in the G20 meeting, told EFE.
Cabrera is scheduled to meet his G20 counterparts and officials from China, Russia, Brazil, The Netherlands, Canada, New Zealand, Japan, the World Bank and the European Union.
It is “a rather packed schedule due to the interest we see throughout the world in the opening up of Argentina, to seek investments, where I believe lies the biggest opportunity,” the minister explained.
“Argentina has not been receiving investments for the last five to six years, for reasons connected to legal certainty and the macroeconomic framework,” Cabrera said.
However, now “we are in a process of institutionalization of Argentina and creating clear rules of the game,” he added.
“Until a few months ago distributing dividends was prohibited, imports were virtually banned or you had to get an authorization to import, and we had accumulated significant commercial debts,” Cabrera said.
“In 2016, everything was regularized, and in a very short period of time we have achieved stability,” he added, “And perhaps a sign of the credibility that we have achieved is that we have entered the international credit market.”
However, although the minister believes the G20 meetings are the best platform to publicize Argentina’s new position and show the opportunities existing there, the group also faces several challenges amid the current global scenario.
“There is a need to promote trade and investment as factors of growth of the world economy,” he said.
According to the minister, the main challenge currently facing the G20 is the sluggish growth of developed countries, which makes it imperative to open up markets to trade and investments, like Argentina and Brazil are doing within the framework of regional group Mercosur, which is negotiating a free trade agreement with the EU.