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Indian exporters are invited to explore the potential for exports to Argentina. There is scope for increasing the volume of items already exported as well as for new items. India’s imports of soy and sunflower oil as well as copper are expected to increase steadily in the years to come. Wheat would be an import item as and when there is shortfall in Indian production.

Argentina is a major source of edible oils for India. According to the Solvent Extractors Association of India (SEA), the requirement of edible oils in 2006 was 12 million tons of which 7 million were produced domestically and 5 million was imported. India has imported wheat from Argentina from time to time, including purchase of 44 million dollars in 2008. Besides edible oil and wheat, Argentina can be a new source of pulses. The Argentine agribusiness companies are willing to grow these, attracted by the large and growing market in India.

There is no restriction on foreign investment in land in Argentina. A number of foreign companies and individuals own thousands of hectares of land. Sterling Group of NRI Sivasankaran has acquired an olive farm of 1700 hectares in the Catamarca province of Argentina. They have already formed a consortium of 14 companies which proposes to invest in agricultural land in the region. India is going to be under more pressure for agricultural land in future. India′s population increases by 15 million every year and it adds a new Argentina (40 million) every 32 months.

This is in contrast with Argentina which has a small population of 40 million with an area almost equal to that of India. Besides the large area, the Argentine productivity of grains and oilseeds are three times that of India. They have 2 billion barrels of discovered reserves and are currently producing 800,000 bpd. They are also exploring opportunities in Argentina and in other countries of the region. ONGC Videsh Ltd. (OVL) has signed an MOU with their Argentine counterpart ENARSA and jointly seeks opportunities in Argentina and in this region.

IMPORT-EXPORT POLICY OF ARGENTINA

TRADE SUMMARY

The U.S. goods trade surplus with Argentina was $5.4 billion in 2011, an increase of $1.8 billion from 2010. U.S. goods exports in 2011 were $9.9 billion, up 33.7 percent from the previous year. U.S. exports of private commercial services to Argentina were $4.6 billion in 2010 and U.S. imports were $1.5 billion. Sales of services in Argentina by majority U.S.-owned affiliates were $6.3 billion in 2009.

IMPORT POLICIES

Tariffs

Argentina is a member of the MERCOSUR common market MERCOSUR Common External Tariff (CET) averages 11.5 percent and ranges from zero percent to 35 percent ad valorem. In December 2011, the MERCOSUR members agreed to increase import duty rates temporarily to a maximum rate of 35 percent on 100 tariff items per member country. Several U.S. industries have raised concerns about prohibitively high tariffs and other taxes in Argentina on certain products, including apples, distilled spirits, restaurant equipment, and motorcycles. Argentine consumers are now required to pay an additional 10 percent tax on such vehicles imported from outside MERCOSUR.

These compound import duties do not apply to goods from MERCOSUR countries and cannot exceed an ad valorem equivalent of