On October 22, 2024, the Argentine government repealed two resolutions from the Federal Administration of Public Revenue (AFIP), specifically resolutions 701/99 and 799/2000, to simplify import and export trade. This includes the elimination of the industry "observer" system and reference prices for exports, which will significantly benefit importers and exporters.
The new policies were officially implemented through resolutions 5586 and 5587 by the AFIP, now renamed ARCA. The government believes that the previous regulations imposed additional cost burdens on importers and exporters, and these new measures will effectively reduce operating costs for businesses. The core of the reform is the abolition of the industry "observer" system that has been in place since 1999. Previously, companies needed approval from corresponding industry representatives when importing specific products; for instance, footwear required input from representatives of the footwear industry, while products from the oil sector needed approval from the steel industry. This cumbersome process not only consumed time but also increased operating costs for businesses. The implementation of the new regulations will significantly streamline the import process and enhance efficiency.
Additionally, the government has abolished reference prices for exports and the "red value channel" mechanism, meaning exporters will no longer face additional scrutiny based on reference prices. Although customs retains the authority for post-clearance audits to ensure accurate valuation of exported goods, this move will provide exporters with greater pricing freedom and enhance their international competitiveness. Notably, the government has also eliminated the "green stamp" and "standard value" for imported products, which were previously used to identify potential trade fraud. However, experts have raised concerns that the removal of certain regulatory measures may increase the risk of trade fraud. In response, the government has stated that it will address this challenge by optimizing subsequent regulatory measures to ensure fair and transparent trade.
This reform is viewed as a significant step by the Argentine government toward promoting trade liberalization. With the gradual implementation of these measures, it is expected to attract more foreign investment and further stimulate economic development. For Chinese merchants in Argentina, this is undoubtedly a positive signal, indicating that import and export activities will encounter new opportunities. By lowering costs and increasing efficiency, Argentine importers and exporters will be able to secure a more advantageous position in the global market.
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