On December 21, 2023, Decree 70/2023 called “BASES FOR THE RECONSTRUCTION OF THE ARGENTINE ECONOMY” was published in the Official Bulletin. By means of this decree, after declaring a public emergency in economic, financial, fiscal, administrative, pension, pricing, sanitary and social matters until December 31, 2025, the Executive Power revoked and amended several regulations, with the purpose of the deregulation of the economy.
Economic deregulation and following the policies recommended by the organizations that comprise the most economically developed countries:
An economic system based on free market competition is promoted, with observance of private property and constitutional principles of free flow of goods, services, and labor. To this effect, it provides for the deregulation of trade in goods and services, leaving without effect any regulation that generates market distortions.
Furthermore, a greater insertion of the country in world trade is promoted, adopting international standards in the trade of goods and services, seeking to match the domestic regime, as far as possible, with the other Mercosur countries or other international organizations. Specifically, efforts will be made to comply with the recommendations of the World Trade Organization (WTO) and the Organization for Economic Cooperation and Development (OECD)
Aspects covered and main changes introduced:
– Strengthening of freedom of contractual negotiation
– Inclusion of electronic documents and records for compliance with obligations in this regard, established by the laws it amends.
– Labor relations
– Foreign trade
Deregulated sectors:
– Production of cellulose pulp and paper for newspapers.
– Banking
– Credit cards
– Credit operations by means of certificates of deposit and warrants.
– Rural land
– Mining
– Energy
– Commercial air transportation
– Residential real estate leasing
– Health Care
– Audiovisual Communication Services (broadcasting)
– Telecommunications services
– Sports
– Tourism
This decree also comprises a State Reform.
You can read the complete Decree here.
This report does not constitute a legal opinion on specific issues. If necessary, specialized legal advice should be sought.
For further information, please contact info@eof.com.ar