Argentina and the United Arab Emirates Strengthen Economic Ties and ratified Bilateral Investment Agreement
Through the official Argentina Congress publication, the agreement between Argentina and the UAE aimed at promoting and protecting investments between the two countries was ratified, which could be significant for their economic and trade relations.
By means of Law 27,779 published 21/10/2024, in the Official Congress publication, the Argentina Government approved an important trade agreement between Argentina and the United Arab Emirates (UAE). The agreement, known as the Bilateral Investment Treaty (BIT), establishes a legal framework for companies from both countries to invest in each other’s territory.
The ratified agreement between Argentina and the United Arab Emirates has been made possible through the dedicated efforts of both Diana Mondino, Minister of Foreign Affairs of Argentina and Ambassador H.E. Saeed Abdulla Saif Joula Alqemzi of the United Arab Emirates in Argentina. Their collaborative work has been instrumental in navigating the complexities of international relations and trade negotiations.
Chancellor Mondino’s strategic vision for enhancing Argentina’s global partnerships aligns with Ambassador H.E. Saeed Abdulla Saif Joula Alqemzi commitment to strengthening ties between the UAE and Argentina. Together, they have focused on creating a favorable environment for investment, fostering economic growth, and facilitating trade between the two nations.
Key Points of the Agreement
With the publication of the law, Argentina formally consents to an agreement signed in 2018 that has only now been approved by Congress. This agreement, detailed in the annex, sets out the conditions and benefits for investments between both countries, which may include:
- Legal protection for investments
- Facilities for the transfer of profits
- Resolution of disputes between investors and states
- Standards for fair and equitable treatment of investments
Why is This Law Important?
According to the official text, this agreement aims to attract investments from the United Arab Emirates to Argentina, which could generate “employment, economic growth, and development.” It also emphasizes that the agreement deepens the economic and trade ties between both countries.
Furthermore, by establishing clear rules for investments, it reduces uncertainty and fosters a more stable business environment.In this context, this law represents an important step in strengthening economic relations between Argentina and the United Arab Emirates and opens new opportunities for companies from both countries.
According to an official press release from the Minister of foreign relationship of Argentina,(N°: 486/24) on 01 October 2024.
The Bilateral Investment Treaty (BIT) approved by the Argentine Congress and fostered by the Ministry of Foreign Affairs is a third generation agreement that ensures an adequate level of protection for the investments of both countries and includes the most up-to-date principles on the matter, recommended by the Organisation for Economic Co-operation and Development (OECD) and the United Nations Conference on Trade and Development (UNCTAD).
Link to the Official communication from the Argentina Government:
(c) Latin&Gulf Magazine.
