US–Argentina Agreement on Reciprocal Trade and Investment

Argentina and the United States signed the Agreement on Reciprocal Trade and Investment between the United States on February 5, 2026.  The agreement incorporates specific clauses on good regulatory practices, foreign investments and state-owned or controlled enterprises.

The signing of the agreement represents a step forward in the bilateral agenda on trade and investment, and it includes provisions that could influence regulatory design and the business framework applicable to private sector stakeholders in both countries.

Good regulatory practices   

Under the agreement, Argentina must adopt and implement good regulatory practices that ensure transparency, predictability, and participation throughout the regulatory lifecycle.

In this regard, Argentina must guarantee:

• Publicity of rules: laws, regulations, procedures and administrative rulings must be promptly published and made easily accessible online. Under normal circumstances, the text of the proposed regulations, regulatory impact analyses, and an explanation of the regulation and its purpose should be published and made easily accessible.
• Transparency and public consultation procedures: under ordinary circumstances, public consultations should be held on proposed regulations, to ensure the transparency of the procedure. Likewise, there should be a reasonable deadline for interested parties—both domestic and foreign—to submit their comments, considering the complexity or potential impact of the proposed regulation. The competent authorities should give due consideration to the comments received during this process.
• Predictability: participants should receive reasonable notice of planned regulations, and the regulatory policy priorities to be developed, amended, or removed in the short term should be published.
• Material source of standards: during the planning and development of regulation, publicly accessible high-quality data, evidence, technical information and risk assessments, should be use, where appropriate.
• International cooperation: international regulatory cooperation should be supported using relevant international standards, guides, and recommendations to avoid unnecessary obstacles to trade, where appropriate.
• Review of implemented policies: reviews of existing regulations should be conducted to determine whether new information or other changes justify modifying or repealing the regulation.
• Use of assessment tools: tools, including regulatory impact analysis, should be used to assess the need for and potential impacts of regulations, where appropriate, which could also include alternative approaches.

Argentina must implement its obligations regarding good regulatory practices of transparency, public consultation procedures, and predictability above within three years from the date the agreement becomes enforceable.

Promotion of foreign investment

The agreement provides that Argentina must facilitate US investments in its territory for the exploration, exploitation, refining, processing, transport, distribution, and export of critical minerals and energy resources, as well as the provision of services related to power generation, telecommunications, transport, and infrastructure. Such investments must receive treatment no less favourable than that accorded to domestic investors in like circumstances. Argentina must also regulate those investments in keeping with minimum standards of international law.

The agreement also provides that Argentina must coordinate with provincial governments to facilitate investment of US companies in critical mineral projects and must expedite eligible applications under the Incentive Regime for Large Investments (RIGI). It will also promote investment in mining infrastructure to expand access to the sector and prioritize the US as a trading partner and investor in critical minerals throughout the value chain.

Finally, under the terms of the agreement, Argentina must cooperate with the US on matters related to investment security, including evaluating the possible creation of a mechanism to review incoming investments for national security risks, in accordance with widely accepted international best practices. The US may consider such cooperation when applying its regulations on export controls, investment reviews, and other related measures.

State-owned enterprises

Under the terms of the agreement, Argentina must ensure that state-owned or state-controlled enterprises, when engaging in commercial activities:

(a) act in accordance with commercial considerations in their purchases or sales of goods or services,

(b) refrain from discriminating against US goods or services.

Furthermore, Argentina must only provide non-commercial assistance or otherwise subsidise state-owned or state-controlled companies producing goods while it is in the process of privatizing those companies in accordance with the plan set out in the Bases Law 27742, and in a manner that does not distort trade. Argentina must ensure a level playing field for US companies in the Argentine market with respect to companies owned or controlled by third countries, through its antitrust law.

Upon written request from the US, Argentina must provide information regarding all forms of non-commercial assistance or subsidies it grants to a manufacturing company in its territory and must take measures to address the distortive impacts of such subsidies and support mechanisms on trade and investment with the US.
 

Entry into force of the Agreement

The agreement will become enforceable 60 days after the exchange of written notifications certifying the completion of the legal procedures for its ratification, or on any other date the parties agree upon.

Domestically, the agreement must be approved by Congress and subsequently ratified by the Executive Branch.