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After seven years of a protectionist government, President Mauricio Macri opens the doors of Argentina to the rest of the world. The new government seeks to give a 180-degree turn to the country’s foreign and economic policies.
The arrival of Macri to the Presidency of Argentina marks the beginning of a new foreign policy characterized by openness in its political and commercial relations, putting an end to the protectionism of previous governments.
During the last four years of ex-President Cristina Fernández de Kirchner’s government, Argentina experienced strict exchange control as a measure to stop the leakage of money and limit the purchase of foreign currency.
The shortage of dollars ended up motivating Kirschner to progressively close the economy, stopping imports and establishing a dollar clamp, which ended up driving away foreign investment.
The new government´s promise
The main measures taken by Macri´s government include: the elimination of the dollar clamp (and abolition of the black market for foreign exchange), the devaluation of the currency (because of the elimination of the dollar clamp), promotion of foreign investment and negotiation of the debt with creditors, among others.
As a result of its new economic policies, Argentina begins to open its borders to the world, allowing the entry of new products and brands into the country.
Proposals regarding customs and tariff opening
- Door to Door. Argentines, who meet certain requirements (such as having fiscal code #3), can purchase abroad and receive their products at home.
This service can be done through Postal Mail or Courier. The time and cost of delivery depend on the type of shipment.
Currently, there are very few stores that provide this service. Linio is one of them, offering more than 20,000 international products.
- Eliminate the 35% import tariff for computers, notebooks and tablets with the intention of achieving competitive prices and making this type of products more accessible to all Argentines.
- Eliminating the Immediate Affidavit of Import (DJAI), that has been in force since 2012, and replacing it with a new “Import Monitoring Integral System (SIMI)”.
The aim of this measure is to have greater control over imports and to prevent the leakage of foreign exchange.
The National Budget foresees a growth of 3.5% which is – partly – a consequence of a new vision of openness to international trade, which promotes investment and consumption.
Since the beginning of Mauricio Macri´s government, there has been a substantial improvement in the fiscal deficit, which in 2016 closed with 4.2%, as opposed to 7% in the previous period.
Likewise, the current government has been favorable in supporting small and medium-sized enterprises in terms of subsidies and greater openness to foreign investments, predicting an encouraging outlook for development and creation of new private and international ventures in the country.