Argentina's open trade policy generates 'credibility,' says foreign minister

Argentina's policy of opening its markets and deregulating its economy has consistently generated international credibility, according to Foreign Minister Pablo Quirno. Speaking at the 18th International Economic Forum on Latin America and the Caribbean in Paris, Quirno asserted that Argentina possesses abundant natural resources and human capital, but previously lacked the foundational conditions to project itself globally.

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Argentina always had the natural resources, the human capital. The question was what was missing? What was missing were the basic conditions to project the country by opening markets, because we were a closed market.

Quirno explained that since President Javier Milei's administration took power two and a half years ago, key macroeconomic indicators have stabilized, with the fiscal deficit being a primary example. He stressed that Argentina's foreign policy aims to solidify these improvements by building credibility daily, underscoring the significance of the country's ongoing process to join the OECD.

The minister also highlighted deregulation as a cornerstone of the Milei government's economic strategy, which even led to the creation of a dedicated ministry. "Argentina produces what the world needs," Quirno stated, emphasizing the nation's potential.

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Our foreign policy seeks to consolidate that (the good macroeconomic data), generating credibility every day. That is why the process of Argentina's accession to the OECD is so important.

During the forum, other regional ministers shared their perspectives. Uruguay's Minister of Economy, Gabriel Oddone, echoed the importance of a sound economy, noting his country's four decades of stability. He also pointed out that attracting investment is challenging without improving labor productivity. Paraguay's Minister of Economy and Finance, Óscar Lovera, cited his country's 23 years of stability, achieved after hitting rock bottom, and its capacity to produce food for 100 million people despite a population of six million. The challenge for Paraguay, Lovera added, is to move from raw production to higher value-added processed food exports.

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Argentina produces what the world needs.

Costa Rica's Minister of Foreign Trade, Indiana Trejos, reported positive economic results from her country's long-standing trade liberalization, noting a shift from exporting agricultural products to medical devices and manufactured goods. Mexico's Undersecretary of Industry and Commerce, Ximena Escobedo Juárez, advocated for increased national investment to bolster sovereignty in critical sectors like health and clean energy.

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without an improvement in labor productivity, attracting investment is difficult.