BUENOS AIRES (dpa-AFX) - The United States and Argentina have signed an agreement on reciprocal trade and investment.
United States-Argentina Agreement on Reciprocal Trade and Investment, or ARTI, was signed by US Trade Representative Jamieson Greer and Argentina's Minister of Foreign Affairs and International Trade, Pablo Quirno, on Thursday.
The new trade deal lowers long-standing trade barriers between the two countries and reduce or eliminate tariffs on many U.S. goods,
Argentina will provide preferential market access for U.S. goods exports, including certain medicines, chemicals, machinery, information technology products, medical devices, motor vehicles, and a wide range of agricultural products.
Ambassador Greer called it 'a stronger, more balanced partnership.'
Under this deal, Argentina will allow access for U.S. poultry within one year, and simplify red tape for U.S. exporters of beef and pork.
Argentina will continue to improve enforcement against counterfeit and pirated goods.
Argentina will allow U.S. companies to use U.S. or international standards for imports of goods made in the United States.
Argentina has also committed not to impose customs duties on electronic transmissions or digital services taxes, and to refrain from discriminating against U.S. digital services or products.
Without naming China specifically, USTR said the two countries will work on deeper economic security cooperation, including on combatting unfair trade practices of third countries, export controls, investment security, and protecting the integrity of IT infrastructure.
The document says commitments of the Framework will ensure the rules in this sector are fair for U.S. firms.
Argentina, which has significant critical mineral resources, including copper and lithium, has agreed to work with its provincial governments to facilitate investment by U.S. companies in critical mineral projects.
Argentina will prioritize the United States as a trading partner for critical minerals over 'market manipulating economies or enterprises', USTR said, in apparent reference to China.
According to the USTR, the two sides will work in the coming weeks to finalize the text of the Agreement.
The United States will also give Most Favored Nation-tariff treatment for certain products contained on the list of Potential Tariff Adjustments for Aligned Partners, and will finalize negotiations with respect to market access for beef.
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