Argentina’s US ambassador says trade deal is 'practically complete'

Argentina’s ambassador to the United States, Alejandro ‘Alec’ Oxenford, says the signing of a trade agreement with Washington is imminent.

In an interview with a radio station in Buenos Aires,  Oxenford said that the deal has been mostly finalised, with only the finishing touches and official announcement yet to come.

Teasing its potential announcement, Argentina’s top diplomat in Washington said that both the Javier Milei and Donald Trump governments are “seeking the right moment” to confirm the deal.

“I’ve signed a confidentiality agreement, so I can’t comment in detail, but the agreement is moving forward. It’s practically complete; now it’s a matter of finding the right moment for both sides to, in simple terms, tie it up with a bow and announce it,” Oxenford told Radio Mitre.

The ambassador suggested that an announcement could be made soon and that the deal would “have a positive impact for many years to come.”

Mr Oxenford said that the timing of the announcement was particularly sensitive, given last month’s elections in Argentina. “When there’s an election, it’s best to wait a little, so as not to use such things for political gain,” he said.

In the lead-up to the October 26 midterm elections, Trump’s administration delivered unprecedented support to the Milei administration, including a US$20-billion currency swap.

The US Treasury also intervened directly in currency markets to prop up the peso and calm investor sentiment.

According to reports, Argentina is seeking a quota for tariff-free steel and aluminium exports as part of the deal. 

Argentina is also seeking benefits for beef imports, among other products, as part of talks to lower tariffs for around 50 products overall. 

The US currently imposes a general 50-percent tariff on steel and aluminium imports from overseas.

During Trump's first term in office, in 2018, a deal was sealed for 180,000 tons per year for both products with then-president Mauricio Macri's government in Buenos Aires. 

Quirno to Washington

Foreign Minister Pablo Quirno is expected to visit Washington this week to continue work on the deal, accompanied by Production Coordination Secretary Pablo Lavigne.

Oxenford said that US support for Argentina had already had a stabilising effect on the markets, and urged the country to “look ahead” to what he called “the path to prosperity.”

“We need to look at the whole picture and recognise that we’re facing the first real opportunity in 80 years to break out of this difficult cycle,” he said.

Oxenford described Argentina’s current moment as “an incredible opportunity.”

“When you see world leaders looking at us with admiration, it’s because Argentina is genuinely standing out. In December, when the newly elected lawmakers take office [in Congress], we’ll begin implementing reforms even faster than the President has been doing,” he added.

“We don’t yet realise the diplomatic value of having a president like Javier Milei, who is so respected and listened to in the world’s most important forums,” he said.

“Argentina is beginning to assume a new international role thanks to his leadership,” he added. 

“For the first time in a hundred years, we’re seeing three key elements come together: clear leadership, explicit international backing, and now domestic support, as shown in the election results,” argued Oxenford.

– TIMES/NA