New US-Argentina trade and investment deal agreed

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A bilateral trade and investment framework agreement has been signed between the US and Argentina.

The US and Argentina have strengthened their international trade links with the signing of a bilateral trade and investment framework agreement (TIFA).

Negotiated by officials from the Office of the US Trade Representative and Argentina's ministry of foreign affairs, this agreement aims to create a forum for the two countries to engage on a broad range of bilateral economic issues.

Key topics such as market access, intellectual property rights protection, and cooperation on shared objectives in the World Trade Organization and other multilateral fora will all come under the remit of the TIFA.

Two-way trade in goods and services between the US and Argentina reached a value of approximately $23 billion (£16.11 billion) in 2014, the last year for which data is available. Moreover, the US recorded a $5.4 billion goods trade surplus with Argentina last year.

US trade representative Michael Froman said the deal "reflects President Obama's strong interest in improved bilateral relations with one of the most important economies in the western hemisphere and to promoting increased economic opportunities between us".