On November 21, 2011, Luís María Kreckler, Argentina’s Secretary of Trade and International Economic Relations, met with Sergey Ryabkow, Deputy Foreign Minister of the Russian Federation, to assess their countries’ strategic relationship.

The Deputy Foreign Minister emphasized that “the relationship between Russia and Argentina is at its best.” In this regard, he thanked Argentina for “the active and constructive role the country played during Russia’s accession to the WTO.” This milestone is important for Argentina given Russia’s strategic value as a target market for Argentine products. Russia’s accession to the WTO will result in reduced duties on a large number of Argentine products such as meat, fish and shellfish, fruit and vegetables, oils, candy, beverages, juice, seasonings, tobacco, machinery, seamless pipe, automobiles and tractors. In addition, the Russian Federation will grant a 25% preference on import duties on more than 60 tariff items.

On November 22, Ambassador Kreckler and Minister for Economic Development of the Russian Federation Elvira Nabulina opened the “High-level Business Meeting between Argentina and Russia on Reciprocal Investments.” This meeting is part of a set of actions aimed at strengthening the countries’ strategic relations, re-launched since Argentine President Cristina Fernandez de Kirchner and Russian President Dimitri Medvedev signed a cooperation agreement in December 2008.

The meeting’s participants included Undersecretary for Investment Development Cecilia Nahón, President of the Chamber of Trade and Industry of the Russian Federation Guorgui Petrov and Alexander Schetinin, manager of the Latin American department of the Ministry of Foreign Affairs, Trade and Worship, along with more than 100 Russian businesspersons, including representatives of Gazprom, Lukoil, Rosneft, Orgenergostrol and Rosatom.

Members of the Argentine delegation presented the Productive Investment Database (BaPIP), an online investment project portfolio containing more than 70 public and private investment projects representing opportunities for over US$ 3.3 billion in sectors such as renewable energy, agribusiness, infrastructure and tourism, among others.

 "Argentina boasts attractive and profitable investment opportunities and there is a great potential to profit from joint ventures between both countries” said Undersecretary Cecilia Nahón. In addition, Ambassador Kreckler assured that “Argentina and Russia reaffirm their commitment to consolidate and strengthen their strategic partnership through specific actions on core issues like investment.” 

Regarding planned follow-up actions included in the joint action plan to continue to strengthen strategic relations, Mr. Kreckler said “representatives from the Ministry of Economic Development will travel to Buenos Aires in early December along with an important business delegation from the mining and energy sectors to continue exploring investment opportunities available in our country.” He also said that a mission of Russian banks, including Venesheconombank, Vneshtorgbank, Bank of Russia and NR Bank will travel to Argentina in February.