• Costa Rica Real Estate

US signs trade deal with Argentina during Obama trip

March 23, 2016

BUENOS AIRES, Argentina – The United States and Argentina sealed a major trade deal on the first day of President Barack Obama’s visit Wednesday, bolstering the efforts of his counterpart to end a decade-and-a-half of international financial isolation.

After talks in Buenos Aires between Obama and new President Mauricio Macri, the White House announced the signature of the Trade and Investment Framework Agreement and support for Argentina’s full participation in the IMF and other key international financial institutions.

Macri won elections in November, ending 12 years of leftist and crisis-ridden rule by the late Nestor Kirchner and his wife Cristina, who reveled in political enmity with Washington.

Obama is keen to help shore up the new president, spying a chance to put Argentina on a firmer financial footing and creating a new ally in the region.

“The United States welcomes President Macri’s efforts to strengthen Argentina’s ties to the international financial system and engage with multilateral economic fora,” the White House said.

The White House also announced that six trade delegations would visit Argentina and technical assistance to help support reforms.

Bystanders watch Obama in Argentina
Bystanders gather at the Monument to the Carta Magna and Four Regions of Argentina, located in the Palermo neighborhood of Buenos Aires, to catch a glimpse of U.S. President Barack Obama's motorcade on March 23, 2016. Eitan Abramovich/AFP

Argentina is Latin America’s third-largest economy, similar in size to Sweden, Nigeria or Taiwan. But a $100 billion default in 2001 made it a financial pariah, effectively shut out from international capital markets.

Macri has tried to quickly clear billions’ worth of remaining claims from holdout bond holders. A deal has been agreed but has yet to be ratified. Until the issue is resolved, Argentina is frozen out of the International Monetary Fund, making investment difficult.

Obama had traveled from Cuba — where citizens are among the most pro-U.S. in the hemisphere despite government suspicions and Cold War tension — to a country where anti-U.S. sentiment is rife.

George W. Bush was the last U.S. president to visit Argentina. But his 2005 trip to a regional summit sparked mass protests, rioting and arrests.

You may be interested

Pic of the Day: It’s beginning to look a lot like Christmas in Costa Rica
Pic of the Day
47 views
Pic of the Day
47 views

Pic of the Day: It’s beginning to look a lot like Christmas in Costa Rica

The Tico Times - December 13, 2019

It’s that time of the year again – when there is absolutely no chance of a white Christmas in Costa…

Costa Rica will receive its first Airbus A350 today
Costa Rica
1227 views
Costa Rica
1227 views

Costa Rica will receive its first Airbus A350 today

Alejandro Zúñiga - December 13, 2019

Friday morning, passengers flying between Spain and Costa Rica boarded one of the industry's most modern airplanes. Spanish flag-carrier Iberia…

President Alvarado signs technical norm, essentially legalizing therapeutic abortion in Costa Rica
Costa Rica
470 views
Costa Rica
470 views

President Alvarado signs technical norm, essentially legalizing therapeutic abortion in Costa Rica

Alejandro Zúñiga - December 12, 2019

Costa Rica's president, Carlos Alvarado, has signed a technical norm that defines when the country's medical professionals can legally perform…

Do NOT follow this link or you will be banned from the site!