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Argentina-Russia Intergovernmental Committee to increase trade and investment

Tuesday, 28 May 2019
Information for the Press N°: 

The 14th Meeting of the Argentina-Russia Intergovernmental Committee for Economic-Trade and Scientific-Technological Cooperation (COMIXTA) was held at the Argentine Foreign Ministry on 27-28 May.

At the meeting, representatives of Argentine governmental organizations, headed by the Secretary for International Economic Relations of the Foreign Ministry, Horacio Reyser, met with a large delegation of officials from different Russian organizations led by the Head of the Federal Service for Veterinary and Phytosanitary Surveillance, Sergey Dankvert.

In his opening speech, Secretary Reyser underscored the excellent relationship between both countries, which has reached the category of "Comprehensive Strategic Partnership" and has been illustrated by the frequent meetings held between both presidents. In addition, he stated that although bilateral trade and investment flows are significant, they have not reached their full potential yet. The main challenge is to achieve a historic record in that regard.

The working groups discussed different topics, such as trade and investments, energy, agriculture, fisheries, and scientific-technical cooperation, with a view to promoting the trade and economic relation and strengthening the strategic bond. Progress was made on veterinary and phytosanitary negotiations, especially in relation to bovine genetics, fresh citrus fruit, and cherries.

Argentine sales to Russia rose by 46% last year and important agreements were signed on issues such as fishing, biotechnology, and medicine and medical products regulation and control.  Furthermore, the delegations underscored the significant Russian investment made for the building of railway material in the Mechita railway workshops in Bragado, which entails the creation of jobs and represents an improvement in the quality of transport services.

There is a high level of economic complementarity between Argentina and Russia, especially in the agribusiness, energy and infrastructure sectors.  Russia offers great opportunities for Argentina to further participate in its fruit and vegetables, meat, dairy, fish and seafood markets, among others, and to develop the pharmaceutical, biotechnological, and agricultural machinery sectors.