Country Notebook - Argentina Project

8/8/2019 Country Notebook - Argentina Project

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ARGENTINA BRIEF SURVEY PES-IUP MBA SUMMER2009

INTERNATIONAL BUSINESS

The Country Note Book Project

Argentina Brief Survey

By: -

Chalapathy Muniyappa

Prithvi MurthySumit Kumar

Tejaswini .N.Shetty

Batch 05 - MBA

Indiana University of Pennsylvania

Indiana, PA, USA

To:-

Dr. Varendar Sharma

Faculty Indiana University of Pennsylvania

Indiana, PA, USA


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Argentina - Brief Survey PES-IUP SUMMER 2009

Argentina officially called as Argentine Republic

1. Synopsis

This report will give you a brief introduction to Argentina as a country, thenatural resources and its geographical status, Argentinas linguistic details, its people andtheir culture, tradition and population, Political situation and kind of government.An overview of countrys export & import businesses.This report also gives an overview of Argentinas relationship with India.A look at GDP growth, its analysis over the past, expected future growth, market brief ofArgentina.


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Argentina - Brief Survey PES-IUP SUMMER 2009

Table of Contents

Sl No Contents Pg No1 Introduction 1-3

2 Economic environment of the country 4-10

3 Population in Argentina 10-10

4 Culture 11-13

5 Political conditions 13-17

6 Argentina Currency 18-19

7 Major product categories imported in this nation 19-20

8 International Trade policy toward importing 20-23

9 Characteristic of Argentina 24-24

10 Market Entry 25-26

11 Market for Product 26-27


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2. Introduction

Argentina comprises of almost the entire southern half of South America, It is thesecond largest country in South America and also world's eighth largest country,

covering an area of 2.8 million square km. Argentina possesses some of the world'stallest mountains, expansive deserts, and impressive waterfalls, with the diversity of theland ranging from wild, remote areas in southern Patagonia to the bustling metropolis ofBuenos Aires in the north. Argentina borders Paraguay and Bolivia to the north, Braziland Uruguay to the northeast, and Chile to the west and south.

The total surface area of Argentina is 2,766,890 sq. km, of which 2,736,690 sq. km. island and 30,200 is water. Argentina is about 3900 km long from north to south, and1400 km from east to west (maximum values). It can roughly be divided into four parts:the fertile plains of the Pampas in the center of the country, the source of Argentina'sagricultural wealth; the flat to rolling, oil-rich plateau of Patagonia in the southern half

down to Tierra del Fuego; the subtropical flats of the Gran Chaco in the north, and therugged Andes mountain range along the western border with Chile.

The highest point above sea level in Argentina is located in Mendoza. Cerro Aconcagua,at 6,962 m (22,841 ft). It is the highest mountain in America, the Southern, and WesternHemisphere.The lowest point is Laguna del Carbon in Santa Cruz, 105 meters (344 ft)below sea level. This is also the lowest point on the South American continent. Thegeographic center of the country is located in south-central La Pampa Province.

Argentina's easternmost continental point is northeast of the town of Bernardo deIrigoyen, Misiones (2615S 5338W26.25S 53.633W/ -26.25; -53.633(Argentina's

easternmost continental point)), the westernmost in the Mariano Moreno Range in SantaCruz (4933S 7335W49.55S 73.583W/ -49.55; -73.583(Argentina's westernmostpoint)). The northernmost point is located at the confluence of the Grande de San Juanand Mojinete rivers, Jujuy (2146S 6613W21.767S 66.217W/ -21.767; -66.217(Argentina's northernmost point)), and the southernmost is Cape San Pio in Tierra delFuego (5503S 6631W55.05S 66.517W/ -55.05; -66.517(Argentina's southernmostpoint)).

The country has a territorial claim over a portion ofAntarctica (unrecognized by anyother country), where, from 1904, it has maintained a constant presence.

The country is traditionally divided into several major geographically distinct regions:Pampas, ran Chaco, Mesopotami, Patagonia, Cuyo and NOA or Northwest.

The distance between India and Argentina is about 15,862kms which is equal to 9856miles.

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http://en.wikipedia.org/wiki/Sea_levelhttp://en.wikipedia.org/wiki/Continenthttp://en.wikipedia.org/wiki/Santa_Cruz_Province_(Argentina)http://en.wikipedia.org/wiki/Santa_Cruz_Province_(Argentina)http://en.wikipedia.org/wiki/Argentine_Antarcticahttp://en.wikipedia.org/wiki/Argentine_Antarcticahttp://en.wikipedia.org/wiki/Continenthttp://en.wikipedia.org/wiki/Santa_Cruz_Province_(Argentina)http://en.wikipedia.org/wiki/Santa_Cruz_Province_(Argentina)http://en.wikipedia.org/wiki/Argentine_Antarcticahttp://en.wikipedia.org/wiki/Sea_level


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Natural resources

Argentina is one of the world's major agricultural producers, ranking third worldwide in

production of honey, soybeans and sunflower seeds and is ranked as fifth in theproduction of maize and eleventh in wheat. In 2007, agricultural output accounted for9.4% of GDP and nearly one third of all exports. Soy and its byproducts, mainly animalfeed and vegetable oils, are major export commodities at 24% of the total. Wheat, maize,sorghum and other cereals totaled 8%. Cattle-raising is also a major industry, thoughmostly for domestic consumption Beef, leather and dairy were 5% of total exports.Sheep-raising and wool are important in Patagonia, though these activities have declinedby half since 1990.

Though Argentina is now an industrial and service economy, agriculture still earns morethan half the foreign exchange.

Fruits and vegetables made up 4% of exports: apples and pears in the Ro Negro valley;oranges and other citrus in the northwest and Mesopotamia; grapes and strawberries inCuyo and berries in the far south. Cotton and tobacco are major crops in the Gran Chaco,sugarcane and chile peppers in the northwest and olives and garlic in Cuyo. Yerba Mate(Misiones), tomatoes (Salta) and peaches (Mendoza) are grown for domesticconsumption. Argentina is the world's fifth-largest wine producer, and fine wineproduction has taken major leaps in quality. A growing export, total viticulture potentialis far from having been met. Mendoza is the largest wine region, followed by San Juan.A strike by farmers, protesting an increase in export taxes for their products, began 13March 2008 and butchers and supermarkets were among the first affected by shortages.

Following a series of failed negotiations and the 16 July defeat of the export tax-hike inthe Senate, the strikes and lockouts largely subsided.

Argentine fisheries bring in about a million tons of catch annually and are centered onArgentine hake which makes up 50% of the catch, pollack, squid and centolla crab.Forestry has long history in every Argentine region, apart from the pampas, accountingfor almost 14 million m3 of roundwood harvests; elm for cellulose, pine and eucalyptusfor furniture as well as for paper products 1.5 million tons are all widely harvested.Fisheries and logging each account for 2% of exports.

Petroleum fuels, oil and natural gas are 12% of Argentina's exports. The most important

oil fields lie in Patagonia and Cuyo. A network of pipelines send raw product to BahiaBlanca, center of the petrochemical industry, and to the La Plata-Rosario industrial belt.

Mining is a growing industry where the northwest and San Juan Province are the mainregions of activity. Coal is mined in Santa Cruz Province. Metals mined include gold,silver, zinc, magnesium, sulfur, tungsten, uranium and particularly copper. These exportssoared from US$ 200 million in 1996 to US$1.2 billion in 2004 and to over US$ 2 billionin 2007.

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Climate

Because of longitudinal and elevation amplitudes, Argentina is subject to a variety of

climates. As a rule, the climate is predominantly temperate with extremes ranging fromsubtropical in the north to subpolar in the far south. The north of the country ischaracterized by very hot, humid summers with mild drier winters, and is subject toperiodic droughts. Central Argentina has hot summers with thunderstorms (westernArgentina produces some of the world's largest hails), and cool winters. The southernregions have warm summers and cold winters with heavy snowfall, especially inmountainous zones. Higher elevations at all latitudes experience cooler conditions.

The hottest and coldest temperature extremes recorded in South America have occurredin Argentina. A record high temperature of 49.1 C (120.4 F), was recorded at Villa deMaria, Cordoba, on 2 January 1920. The lowest temperature recorded was 39 C

(38 F) at Valle de los Patos Superior, San Juan, on 17 July 1972.

Major wind currents in Argentina include the cool Pampero Winds blowing on the flatplains of Patagonia and the Pampas; following the cold front, warm currents blow fromthe north in middle and late winter, creating mild conditions. The Zonda, a hot dry wind,affects west-central Argentina. Squeezed of all moisture during the 6,000-meter(20,000 ft) descent from the Andes, Zonda winds can blow for hours with gusts up to120 km/h (75 mph), fueling wildfires and causing damage; when the Zonda blows (June-November), snowstorms and blizzard (viento blanco) conditions usually affect the higherelevations.

The Sudestada ("southeasterlies") could be considered similar to the Nor'easter, thoughsnowfall is rarely involved (but is not unprecedented). Both are associated with a deepwinter low pressure system. The sudestada usually moderates cold temperatures butbrings very heavy rains, rough seas and coastal flooding. It is most common in lateautumn and winter along the coasts of central Argentina and in the Ro de la Plataestuary.

The southern regions, particularly the far south, experience long periods of daylight fromNovember to February (up to nineteen hours) and extended nights from May to August.All of Argentina uses UTC-3 time zone. The country does observe daylight saving timeoccasionally.

Miles: 9820.86

Kilometers: 15804.71

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3. Economic environment of the country

Argentina has abundant natural resources, a well-educated population, an export-oriented

agricultural sector and a relatively diversified industrial base. Domestic instability andglobal trends, however, contributed to Argentina's decline from its noteworthy positionas the world's 10th wealthiest nation per capita in 1913 to the world's 36th wealthiest in1998. Though no consensus exists explaining this, systemic problems have includedincreasingly burdensome debt, uncertainty over the monetary system, excessiveregulation, barriers to free trade, and a weak rule of law coupled with corruption and abloated bureaucracy.

Record foreign debt interest payments, tax evasion and capital flight resulted in a balanceof payments crisis that plagued Argentina with serious stagflation from 1975 to 1990.Attempting to remedy this, economist Domingo Cavallo pegged the peso to the U.S.

dollar in 1991 and limited the growth in the money supply. His team then embarked on apath of trade liberalization, deregulation and privatization. Inflation dropped and GDPgrew by one third in four years; but external economic shocks and failures of the systemdiluted benefits, causing the economy to crumble slowly from 1995 until the collapse in2001. That year and the next, the economy suffered its sharpest decline since 1930.

By 2002, Argentina had defaulted on its debt, its GDP had shrunk, unemploymentreached 25% and the peso had depreciated 70% after being devalued and floated.

In 2003 expansionary policies and commodity exports triggered a rebound in GDP. Thistrend has been largely maintained, creating millions of jobs and encouraging internal

consumption. The socio-economic situation has been steadily improving and theeconomy grew around 9% annually for five consecutive years between 2003 and 2007and 7% in 2008. Inflation, however, though officially hovering around 9% since 2006,was privately estimated at 12-15% that year and over 15% in 2008, becoming acontentious issue again. The urban income poverty rate has dropped to 18% as of mid-2008, a third of the peak level observed in 2002, though still above the level prior to1976. Income distribution, having improved since 2002, is still considerably unequal.

Argentina faces slowing economic growth in light of an international financial crisis. TheKirchner administration responded at the end of 2008 with a record US$32 billionpublic-works program for 2009-10 and a further US$4 billion in new tax cuts and

subsidies. Kirchner has also nationalized private pensions, which required growingsubsidies to cover, in a move designed to shed a budgetary drain as well as to financehigh government spending and debt obligations.

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Industry

The Yacyret Dam hydroelectric complex is the second largest in the world

Manufacturing is the nation's largest single sector in the economy with 21.5% of theGDP in 2007 and is well-integrated into Argentine agriculture, accounting for nearlytwo-thirds of exports in all, with half the nation's industrial exports being agricultural innature. Leading sectors by production value are: food processing, chemicals andpharmaceuticals, motor vehicles, farming equipment & auto parts, iron, steel &aluminum, petroleum, as well as home appliances and industrial machinery.

Other manufactured goods include textiles & leather, plastics & tires, forestry products,publishing, cement, glass and tobacco products. Nearly half the nation's industries are inand around Buenos Aires although Crdoba and Rosario are also home to significantindustrial centers. Construction permits nationwide neared 19 million m (200 million ft)

in 2006 and the sector is 6% of GDP. Two-thirds of this total was residentialconstruction.

Argentina produces electricity in large part through well developed natural gas andhydroelectric resources. Nuclear energy is also of high importance and the country is oneof the largest producers and exporters, alongside Canada and Russia, of Cobalt-60 whichis a radioactive isotope widely used in cancer therapy.

Service Industries

Well-known for its productive agriculture, Argentina also benefits from a well-developed

service sector

The service sector is the biggest contributor to total GDP, accounting for 58%. Argentinaenjoys a diversified service sector, which includes well-developed social, corporate,financial and insurance, real-estate, transport and communication services, as well asvigorous commercial and tourist trades.

The telecommunications sector has been growing at a fast pace with an importantpenetration of mobile telephony (more than 75% of the population), the Internet (withmore than 16 million people online), and broadband services (4.1%). Regular telephoneservices (with 9.5 million lines) and mail services are robust.

Tourism is increasingly important and provided 8% of economic output (over US$20billion) in 2006. Argentines, who have long been active travelers within their owncountry, accounted for over 80% of this - though growing international tourism (4.2million visited Argentina in 2006) contributed almost US$3.4 billion that year. Stagnantfor over two decades, domestic travel has increased robustly in the last few years andvisitors are flocking to a country seen as affordable, exceptionally diverse, and safe.Cosmopolitan Buenos Aires, Rosario and the ocean-fronts of Mar del Plata & Pinamar,

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the Iguazu Falls, colonial Salta & Jujuy are rich in indigenous culture. The scenicfoothills of Crdoba, the wineries of Mendoza, the ski slopes and lakes near Bariloche,the grottoes at San Antonio Oeste, Perito Moreno Glacier and Tierra del Fuego areamong the nation's best-known tourism resources.

Commercial policy

Market Overview Import and Export Policies

Market Overview

There is a distinguished bilateral commercial history that the Argentina shares, with newopportunities for future trade and investment. The United States is Argentinas thirdlargest trading partner (after Brazil and China), and the Argentine GovernmentInvestment Agency recently cited the U.S. as the "most active" country investor inArgentina.

The U.S. maintains a trade surplus with Argentina: In 2008 the U.S. exported nearly $6billion in goods to Argentina. The U.S. imported $5.6 billion in goods (mostlycommodities) from Argentina.

U.S. investment in Argentina makes a large contribution to the economy: Over 500 U.S.-based companies are currently operating in Argentina, and employ over 155,000Argentines. U.S. investment in Argentina totals over $13 billion and is concentrated inthe energy, manufacturing, information technology, and financial sectors.

Import Policy of Argentina

The import of following used commodities are prohibited:Spare parts, Medical supplies, Automobiles, Motorcycles, Clothing, Tires, Boats,

Dangerous residues (chemicals), Certain toxic substances contained in pharmaceuticalproducts, cosmetics and toys, Certain food additives and colorants, Products containingpolychlorinated biphenyl's (PCB's), Asbestos fibers of the Amphibole and Chrysotilevariety and products containing these fibers are few other products that are not imported.

Currently the Government of Argentina imposes quotas for the importation of peaches,white glasses for corrective spectacles, automobile parts, paper, pulp and footwear.

Pharmaceuticals, chemical products, insecticides, veterinary products, medical devices,cosmetics, agricultural products, textiles and defense material require various approvalprior to import from various regulatory agencies.

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All goods shipped to Argentina must have a value and description. The value is usuallybased on the transaction value between the shipper and the importer, what the sale valueof the goods was. If no actual transaction has taken place, such as with samples or a nocharge shipment, a value must still be assessed; this would be the fair market value or

replacement value. Non-tangible items such as business documents, accountingdocuments, etc. must also be assessed a value, but this should be based on the value ofthe paper. All imported goods are subject to an ad valorem duty that is based on the costof the goods, plus insurance and freight (CIF). Alcoholic beverages, tobacco, soft drinks,syrups, extracts, concentrates and consumer electronic products are subject to luxury andexcise taxes.

Import Taxes

0.5 percent statistics fee on the CIF value (except capital goods). This tax is notapplicable for MERCOSUR member countries.

Depending on the product, either 21 or 10.5 percent value added tax (VAT) onthe sum of the CIF value, tariff and statistics fee.

Depending on the product, either 10 or 5.5 percent advanced VAT on the sum ofthe CIF value and statistics fee on all goods imported for resale (goods importedby the end-user are exempt).

3 percent anticipated profits tax on all retail goods (goods imported by the end-user are exempt).

Customs FeesA $10.00 USD single fixed customs fee is assessed per transaction entered using theSistema Informatico Maria (SIM). Merchandise imported using the Simplified ImportSystem is exempt from this fee.

Export Policy of Argentina

All commodities that are prohibited from importing into Argentina are prohibited fromexporting as well.

Exporting from Argentina requires knowledge of the commodity, the proper

documentation and export compliance. The value of the goods, destination of theshipment and if the goods are controlled, prohibited or regulated will determine thespecific export requirements.

Commodities exported from Argentina are subject to duties, which range from 5% to20% (they vary per product type)Argentina has been a member state of the United Nations since October 24, 1945, and assuch honors any import or export sanctions imposed against designated countries under

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the United Nations Act 1946.

Exporters should be registered with the Department of Trade and Industry (DTI) or theSecurities and Exchange Commission (SEC): with the city or the municipality where thebusiness will operate, as well as with the Bureau of Internal revenue.

Export documentation requirements vary on the type of goods being exported. Goods thatare controlled or restricted for export may require licenses or specific certifications inaddition to an air waybill and commercial invoice.

Certain commodities may be subject to export controls, which may require

additional documentation such as:

Export Licensing for Dual Use Goods (goods that may be used in eithermilitary or civilian application)

Sanitary, phytosanitary or safety standard certification for products suchas meat, seeds, fruit, vegetables and marine goods.

Additional products that are controlled for export include psychotropicsubstances and endangered fish and wildlife species.

*Reference 1

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Unemployment rate in Argentina.

Economic environment of the country and its future.

Argentina's economy is booming. The recovery gathered pace throughout last year andthe GDP has expanded at an annual rate of 11%. What makes this growth remarkable isthat only two years ago Argentina was in chaos. In 2001 it suffered its worst economiccollapse in more than a century. After a slow start, recovery of the Argentine economyhas been faster than many expected.

The current economic environment has improved, as compared to past few years wherethey had huge amounts of debt to be repaid. There is no reason to believe that Argentinacannot repay the modest debt that they have as of now.

As we see from the inflation graph, inflation has been decreasing steadily in the last fewyears. Also the unemployment rate is decreasing, which is a good sign for the economyas a whole.

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The educational level of the Argentines is good and resources are abundant. Argentinashould therefore be able to better integrate in the world economy and become animportant player, at least in the continent.

However, Argentina, as the rest of Latin America, still is largely a commodity exporter

(meat, soy beans etc.). The big challenge for Argentina is to follow the example ofcountries like Chile or Mexico, which through intelligent industrial policy managed tomove up the production chain.

4. Population in Argentina.

40,913,584 at closing of July 09

Age structure: 0-14 years: 25.6% (male 5,369,477/female 5,122,260)15-64 years: 63.5% (male 12,961,725/female 13,029,265)65 years and over: 10.8% (male 1,819,057/female 2,611,800)

Population growth rate: 1.053%

Sex ratio: at birth: 1.05 male(s)/femaleunder 15 years: 1.05 male(s)/female15-64 years: 1 male(s)/female65 years and over: 0.7 male(s)/femaletotal population: 0.97 male(s)/female

Life expectancy at birth: total population: 76.56 yearsmale: 73.32 years

female: 79.97 years (2009 est.)

Literacy: definition: age 15 and over can read and writetotal population: 97.2%male: 97.2%female: 97.2% (2001 census)

Geographic distribution of population

The current population in Argentina is 40,913,584 (2009). The population is distributedquite unequally amongst the states. The city of Buenos Aires and province have the

highest concentration of population at 3,042,581 and 15,052,177 respectively. The leastpopulated area is Santa Cruz at 225,920 the remaining population is distributed amongstthe other 21 states.

*Reference 2

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5. Culture

The culture of Argentina is as varied as the country's geography and mix of ethnicgroups. Modern Argentine culture has been largely influenced by European immigrationalthough there are also some American and African influences, particularly in the fields

of music and art. Buenos Aires and other cities show a mixture of architectural stylesimported from Europe but in the case of older settlements, and of older preservedneighborhoods within cities, modern styles appear mixed with colonial features, relicsfrom the Spanish-ruled past. Museums, cinemas and galleries are abundant in all thelarge urban centers, as well as traditional establishments such as literary bars, or barsoffering live music of a variety of genres.

Cinema and theatre Music Painting and Sculpture Sports Language Food Literature Spare time See also References

Values

Argentinean Family Values, the family is the centre of Argentine life with extendedfamilies still having prominence the heads of powerful families command widespread

respect, but with this comes a responsibility to care for others in terms of security, jobs,etc and to maintain personal and family honors. Honor is in all respects the be all and endall and it routinely affects day-to-day life at home, in the community and in business.

Consumption patterns

Argentinas food drink report provides intelligence on the Argentinas food and drinkindustry. The GDP growth in Argentina for the last 5 years has seen a rise of 8% growthdue to consumer spending behaviors and the increase in prices of the commodities.However the 5 year boom is over and governments current attempt to manage theeconomy by its fiscal policy has led to forecast by BMI, that predicts Argentine economy

will grow only by 0.6% in 2009 and will contract to 0.9% by 2010. This is expected tohave an impact on consumer buying pattern in food and drink department.Also the reduction in export has had an impact throughout the business sector, alsodamaging consumers confidence. This has obviously led to consumer spending pattern,that inturn has shown signs of slowdown in inflation. In November Argentinas inflationrate fell to 7.9%, the lowest in 4 years.

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The Argentine president, in response to this has announced a package of $3.8 bn of lowcost loans to boost customers demand and also to help exporters of the country.However, if the present economic situation does not improve, the measures taken wouldbe of no use to prevent contracting consumer demands.

The change in patterns of consumer demand not only slows the sales growth, but therewill be a rise in need for lower priced goods. This might also lead to reduction in demandfor alcohol, soft drinks. Therefore food consumption has increased at a decreased growthrate in 2008 expected to continue till 2013.

*Reference 3

Argentina: Customs and Lifestyle

Diet and Eating

Argentines consume beef more than any others in the world. Argentina being a majorbeef producer, and therefore cost is low enough for people to eat beef on a daily basis,and many people eat Popular foods such as baked stuffed beef and empanadas, which arepies made with meat or vegetables. A preferred winter stew is locro, made of meat, corn,and potatoes. The government and health officials are encouraging people to consumebeef at lesser rate for health reasons. Matis the preferred hot tea. Italian and Frenchfoods are widely available.

Traditionally the main meal is eaten at afternoon, but nowadays those working in citieshave it in the evening, usually after 9 PM. Argentine eating habits and table mannershave been influenced by their European origins. For example, hands should be kept

above the table. Restaurant waiters can be summoned with the index finger extended.Eating on streets or in public transport is considered inappropriate.

Recreation

Football is the national sport which is watched and like by youth and adults as well.Other popular sports are horse racing, rugby, field hockey, tennis, polo, and basketball.The Coln Theatre, a opera house, is located in the capital, and there are many theatres,restaurants, and clubs. The tango and ballroom dance, originated in Argentina.

Holidays and Celebrations

Holidays in Argentina are generally spent with their family. New Years Day iscelebrated on 1 January with fireworks. Maundy Thursday, the Thursday before Easter,celebrates Jesus Christs Last Suppermaundy is derived from the word mandate.Argentines also celebrate Good Friday (the Friday and Easter Sunday).

Malvinas Day, on 2 April, remembers the failed Argentine attempt to recover theFalkland Islands from British rule. This brief war was fought in 1982. Labour Day is

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recognized as others on 1 May. Argentina declared its independence from a Spanishcolonies on 25 May 1810, but did not declare independence from Spain until 9 July1816. These two dates are now celebrated as National Day and Independence Dayrespectively. Flag Day is observed on 20 June..

*Reference 4

Languages

Spanish is the dominant language of Argentina. There are 40 other languages that includenative and other immigrant languages; two languages are extinct and others are almostnot used by anyone, spoken by elderly people whose sons or daughters do not speak thelanguages.

The other languages that are spoken in Argentina include, Italian, German, LevantineArabic.

Few more languages of Argentina include:

Aymara,Caiw , Chiriguano , Chirip , Chorote , Chulupi , Guaran , Mapudungun ,Wich (Wich Lhamts) , Mocov , Nivacl , Pilag , Quechua , Tapiet , Toba & Kaiw .

Severely endangered or nearly extinct languages; Ona, Puelche, Tehuelche & Vilela

6. Political conditions

Argentina's political system is a presidential representative democratic republic, in whichthe President of the Argentine Nation is both head of state and head of government,complemented by a multi-party system. The current president is Cristina Fernndez deKirchner, with Julio Cobos as vice president.

The Argentine Constitution of 1853 separates powers into executive, legislative, andjudicial systems at the national and provincial level. Executive power resides in thePresident and the Cabinet. The President and Vice President are directly elected to four-year terms and are limited to two terms. Cabinet ministers are appointed by the president.

Legislative power is vested in the National Congress orCongreso de la Nacin,consisting of a Senate (Senado) of seventy-two seats, and a Chamber of Deputies(Cmara de Diputados) of 257 members. Senators serve six-year terms, with one-thirdstanding for reelection every two years. Members of the Chamber of Deputies aredirectly elected to four-year term via a system of proportional representation, with half ofthe members of the lower house being elected every two years. A third of the candidatespresented by the parties must be women.

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The judiciary is independent of the executive and the legislature. The Argentine SupremeCourt of Justice has seven members who are appointed by the President in consultationwith the Senate. The rest of the judges are appointed by the Council of Magistrates of theNation, a secretariat composed of representatives of judges, lawyers, the Congress andthe executive.

Argentina is a member of an international block, Mercosur, which has some legislativesupranational functions. Mercosur is composed of five full members: Argentina, Brazil,Paraguay, Uruguay and Venezuela. It has five associate members without full votingrights: Bolivia, Chile, Colombia, Ecuador and Peru.

Upheavals

Despite the recent military coup against Manuel Zelaya, Hondurans will most likely electtheir next president by the end of 2009. This might end the crisis that led to the coup. Butelections will not fix all of Honduras political ills. Honduras must also address the

decline in the quality of democracy that predates the current crisis, or else it will remaindangerously susceptible to more breakdowns.On the surface, Honduras prior to this crisis appeared to have moved steadily towardstrengthening democracy. From 1982 to 2008, Honduras held seven consecutive civilianelections followed by uninterrupted presidential terms. Honduras also seemed to havetamed its military by the mid-1990s, as civilian leaders had reined in military spendingand the militarys political veto power.The current crisis in Honduras is a stark reminder that democracy entails more than freeand fair elections and a military that answers to civilian authoritycrucial as these maybe. Democracies must also expand the rule of law, citizens access to the justice system,state guarantees of civil and political rights, and protections for political minorities.

These added aspects of democracy help democracy deliver positive developmentoutcomes and ensure citizens political satisfaction. In Honduras, these added aspectswere faltering prior to the recent constitutional crisis.The immediate cause of the June coup was clearly the inability of democratic institutionsto rein in a president who was violating the law. The military compounded the problemby expelling the president. But the longer-term problem was a decline in the quality ofdemocracy, which was hampering the political systems ability to protect citizens andspread prosperity. Poverty remains rampant, corruption pervasive, and crime has gottenworse. In addition, inequality in this vastly unequal society increased during severalyears in the last decade. And in surveys we have conducted in rural areas, people oftenreport feeling abandoned by an incapable or absent state.

Honduras low quality of democracy has produced disenchantment. Data compiled by theLatin American Public Opinion Project (LAPOP) in 2008 shows that less than half ofHonduras population expressed confidence in the Congress, the judiciary, or thePresidency. Tellingly, Hondurans reported greater trust in the military than in any othernational political institution. In terms of state legitimacy and citizens political tolerance,Honduras ranked last after Haiti.

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Political behavior has changed, as well. Honduran voters used to go to the polls, virtuallywithout fail, to vote for one of the two dominant right-of-center parties. In recentelections, turnout dropped along with party identification. Discontent with the twodominant political parties was rising, but no clear alternative was emerging. The political

system was becoming a rudderless ship. Because of these trends in attitudes andbehaviors, LAPOP went as far as to dub Honduras in 2008 as a democracy at-risk, aclaim that now appears prescient.

This precarious pre-coup situation suggests that Honduran democracy may not beimmune to future threats, even if the current crisis eases. As with humans and viruses, alldemocracies in developing countries are susceptible to a wide array of potential assaults:overzealous presidents, drug lords capturing the state, corrupt politicians in congress,executive-legislative deadlock, and ruling parties in disarray. But democracies with lowquality institutions are least likely to survive these assaults, let alone resolve themlegally. The current crisis may very well abate with the upcoming election, but Honduras,

under the best short-term scenario, will still remain vulnerable to future viral attacks.

Relationship with India

The current status and the agenda of the Doha Round multi-lateral negotiation wasdiscussed on the 9th and 10th of June in between the Argentine Secretary of Trade andInternational Economic Relations, Ambassador Alfredo Chiarada and the IndianCommerce Secretary, Mr. Gopal Pillai in Buenos Aires. It was agreed upon by both theSecretaries about the importance of concluding the multi-lateral negotiation as soon asPossible in line with the Doha Development Mandate and to liberalize and expand trade

especially in goods and services of special interest to developing country members. Itwas also agreed that an early conclusion of the Doha Development Round would alsoreinforce the multilateral trading system. The need to correct the current imbalancesobserved in the negotiating text, particularly in the key areas of agricultural and non-agricultural market access goods (NAMA) were given more importance in order to reachthis goal. They also noted the key role played by the G-20 and the NAMA-11 groups ofdeveloping countries of which both India and Argentina are members.

Both sides agreed that a substantial reduction in the overall trade distorting subsidies(OTDS) should be achieved so as to eliminate the possibility available to developedcountry members; especially the United States and the European Union, of increasing

currently applied support levels. Also it was taken care that the green box payments arebudget neutral and that no distorting subsidies are transferred to the green box. Regardingmarket access, both sides stated that the linear percentage of a minimum 54 percent ofaverage tariff cut proposed for developed countries in the chairmans text should berespected as also the granting of a significant expansion of tariff rate quotas for sensitiveproducts, which should be transparent and explicit.

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In relation to non-agricultural goods, it was agreed neither India nor Argentina would bewilling to an agreement that disregards the Doha mandate. Both sides also reiterated thata final agreement should respect special and more favorable treatment for industrialsectors of developing countries and which was clearly spelled out in the nature ofadditional and adequate flexibilities for their sensitive and vulnerable industrial sector.

Both sides also stressed on compliance with paragraph 24 of the Hong Kong Ministerialdeclaration which called for a balanced outcome in market access for agriculture andNAMA.

Secretaries Pillai and Chiarada called for restoration of the balance in the negotiations,respecting the principle of less than full reciprocity. Only such a balance would make itpossible for both India and Argentina to approve the modalities and enter the final stageof the Doha Development Round. They urged the developing countries to show thenecessary political will towards restoring this balance and to reciprocate the importantcontribution that developing country members are making to the Round and the WTO-based multilateral trading system.

Impact of terrorism on their attitude toward India & Indian products

The relationship between India and Argentina has been good in the past and will continueto be so.

The Indian textile industry has been largely benefited by the global financial crisis.

Argentina is eyeing investments into Indias textile industry and 34 Indian companiesreceived orders at the recently concluded exhibition and buyer and seller meet in BuenosAires.

R Viswanathan, who is the Indian ambassador to Argentina, Uruguay and Paraguay, toldFE that, Everyone is concerned about the international financial downturn. There is lackof credit, liquidity has decreased. A textile delegation of 34 companies sponsored by allthe textile promotion councils of India, which was recently in that country, receivedorders from the Argentine companies. Our textile exports in 2008 were $90 milliondollars, but we are hoping to increase it to $300 million in the next three years.

Since the companies need innovative strategies to reduce the production costs and bemore competitive, the Argentine textile industry expressed keenness to explorepartnership with the Indian textile industry, said Viswanathan.

According to the envoy, during the buyer-seller meet at the end of April, the businessmenfrom the Argentine textile industry took the opportunity to explore possibilities ofimports, exports and collaborations to succeed in the argentine market, the giganticIndian market, and also in the global markets.

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Indias exports to Argentina have gone up by 28%in 2008$492 million in 2008from$384 million in 2007. Indias imports from Argentina in 2008 were $836 million asagainst $859 million in 2007, he said.

Argentina is the third largest market of Latin America after Brazil and Mexico and is

well integrated in Mercosur. And there is there is a good potential of cooperationbetween India and Argentina in the manufacturing sectors.

Argentinas industrial production includes automobiles, steel, aluminum, paper, sugar,PVC and polyethylene in which India also has strong manufacturing base andtechnological capabilities.

Preferential Trade Agreement (PTA) with Mercosur, of which Argentina is a member, isexpected to facilitate greater market access of Indian products in Argentina.

Besides exports, there is good scope for Indian investment in Argentina in sectors such as

petroleum, mining, manufacturing, information technology, agriculture, forestry, etc.

According to FICCI officials, Indian companies are acquiring companies in Argentinaand also setting up manufacturing bases there to create greater market.

By looking at recent increase in exports and the interest shown by the Argentinegovernment in Indian industries, we can say that terrorism has not had a great impact onArgentines attitude toward India and Indian products.

*Reference 5

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7. Argentina Currency

The currency in Argentina is the "peso" and it is subdivided in 100 cents.

Coins Bills Cash Machines or ATMs

Coins

There are 1 cent, 5 cents, 10 cents, 25 cents, 50 cents and 1 peso coins. The 5, 10, 25 and50 cent coins have two versions: silver plated and golden.Bills

Paper money comes in denominations of: $2, $5, $10, $20, $50 and $100. There are twoversions for the $2, $5, $10 y $20, the version with the old design is still in circulation.

Cash Machines or ATM'sCash machines are used by everybody and there are plenty around the city. Every bankhas cash machines linked to international networks such as a Cirrus, Plus, MasterCard,Visa, Maestro, Citibank and others. Simply look for the companies logos on bankwindows and in cash machine booths.Money Exchange or Foreign Exchange

The best option for exchanging money is a bank (banking hours are 10am to 3pm). Thereare also many Currency Exchange Bureaus and most hotels exchange money as well. Incertain areas of the city it is common to see people on the streets offering moneyexchange at better rates, but even if it seems tempting, DO NOT ACCEPT, most are

fakes. Some businesses and hotels accept dollar bills and usually don't have problemsgiving change back in pesos, but the rate is always lower than banks.

Currency Fluctuations and Current exchange rate

The currency fluctuation of Argentine Peso with respect to dollar in 2009, 2008, 2007were 3.71, 4.36 and 3.13 respectively.

With respect to euro in 2009, 2008, 2007 were 5.50, 4.11 and 4.34 respectively.

*Reference 6

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Future exchange over next six months

With the central bank having intervened repeatedly over the past year to prevent the pesofrom sharp depreciation caused by a series of international and local crises, speculationhas run hot that the currency could be more actively depreciated in the second half of

2009.

After the crucial mid-term election of June 28, some have argued that the politicalpressure to maintain a stable currency and avoid another bout of Argentine financialinstability would give way to the competitive pressure to depreciate the peso moreaggressively.

The gentle day by day erosion is expected to see the US dollar reach 3.90 to 4 Argentinepesos in the coming six months, which has been the ongoing demand of Argentinasexporters.

*Reference 7

The Peso is set to depreciate both against Euro and Dollar over the next six months.

8. Five Major product categories imported in this nation:

1) Machinery, 2) motor vehicles, 3) petroleum and natural gas, 4) organic chemicals, 5)plastics are the major commodities of import

*Reference 8

Attitude of locals towards Indian & Indian products & services

There is good scope for Indian investment in Argentina in sectors such as petroleum,mining, manufacturing, information technology, agriculture, forestry, etc.

Indian companies are acquiring companies in Argentina and also setting upmanufacturing bases there to create greater market access of Indian products. There areTen Indian Companies, which have established operations in Argentina. They provideemployment to about 1300 Argentines. (Six of them are in IT, two in agro-chemicals, one

in pharma and one in mining). The locals accept the job opportunities being created byIndian companies. Few Indians are also buying lands in Argentina for agriculturalpurposes.

However, the fear of invasion of cheap imports from India is real. They fear that cheapIndian goods may harm domestic Argentine producers. On the other hand, Argentinesknow that a country like India has many mouths to feed. Therefore, Argentines are eagerto take full advantage of international trade.

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Negative stereotyping toward Indian products

While a number of Indian pharmaceutical companies have already made their presencefelt in the major global pharma markets including the highly regulated US and Europeanmarkets, they are not yet recognized in Argentina, whose pharma market is estimated to

be around $2 billion.

This is because Argentinean health authorities do not recognize India as a manufacturinglocation for formulations (finished dosage). Ironically, while a few of Argentineancompanies import Active Pharmaceutical Ingredients (API) (raw material used formaking formulations), Indian pharma companies are still prohibited to export the finisheddosage forms.

Indian pharma companies including Ranbaxy Laboratories, Dr Reddys, Cipla, Cadilaand Torrent have presence in other Latin American regions apart from the highlyregulated markets including the US and Europe, but the lack of recognition of finished

dosage from India by Argentinean health authorities has kept them out of that market.Only a few Indian companies are present in that market, albeit in a very small way andthat too exporting only intermediates.

A few years back, Argentinean health authorities categorized countries into Annexure Iand Annexure II. The countries listed under Annexure II have to get their manufacturingplants inspected from ANMAT (the regulatory body under Argentinas ministry ofhealth); On the other hand, the countries listed under in Annexure I can register theirpharmaceutical products directly without any inspection of manufacturing plants byANMAT.

The problem for Indian companies is that India does not feature in either of the annexureand it makes it impossible for the Indian companies to enter the Argentinean market withtheir formulations.

*Reference 9

9. International Trade policy toward importing

Argentina has recently become one of the most open economies in the world, with apolicy that concentrates on idea of liberalized international trade.

By reducing high tariff rates and eliminating most non tariff barriers, Argentina has takena positive step toward eliminating the discriminatory bureaucratic system.

This bureaucratic system earlier had helped a small number of local beneficiaries, whileblocking international trade.

*Reference 10

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All importations are entered under Informal Entry or Formal Entry except the following,which may be entered duty and tax- free:

1. Importations for the official use of foreign embassies, legations and other

agencies of foreign governments.

2. Importations for the personal and family use of the members and attaches offoreign embassies

3. Miscellaneous articles that are exempt by law or process

Import Duties

All imported goods are subject to an ad valorem duty that is based on the cost of thegoods, plus insurance and freight (CIF).

Customs Valuation

All goods shipped to Argentina must have a value and description. The value is usuallybased on the transaction value between the shipper and the importer, what the sale valueof the goods was. If no actual transaction has taken place, such as with samples or a nocharge shipment, a value must still be assessed; this would be the fair market value orreplacement value. Non-tangible items such as business documents, accountingdocuments, etc. must also be assessed a value, but this should be based on the value ofthe paper.

Excise Duties

Alcoholic beverages, tobacco, soft drinks, syrups, extracts, concentrates and consumerelectronic products are subject to luxury and excise taxes.

Import Taxes

In addition to the tariffs, imported goods are subject to additional fees and taxes such as:

0.5 percent statistics fee on the CIF value (except capital goods). This tax is notapplicable for MERCOSUR member countries.

Depending on the product, either 21 or 10.5 percent value added tax (VAT) onthe sum of the CIF value, tariff and statistics fee.

Depending on the product, either 10 or 5.5 percent advanced VAT on the sum ofthe CIF value and statistics fee on all goods imported for resale (goods importedby the end-user are exempt).

3 percent anticipated profits tax on all retail goods (goods imported by the end-user are exempt).

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Registration Requirements

Companies wishing to import products into Argentina must be registered in the NationalRegistry of Importers and Exporters.

Companies wishing to import through an optional customs clearance method establishedby Decree 161/99 and Resolution AFIP 503/99 called the "Simplified ImportationSystem" must provide the the companies tax payer number known as the Clave Unica deIdentification Tributaria [CUIT]. Commercial shipments consigned to, or shipped from[when exporting from Argentina] private individuals must provide the Clave Unica deIdentification Laboral [CUIL] number.

Argentinas import prohibitions

The following commodities are prohibited into Argentina:

Used products such as:

o Spare parts

o Medical supplies

o Automobiles

o Motorcycles and Velocipedes

o Clothing

o Tires

o Boats

Dangerous residues (chemicals)

Certain toxic substances contained in pharmaceutical products, cosmetics andtoys

Certain food additives and colorants

Products containing polychlorinated biphenyl's (PCB's)

Asbestos fibers of the Amphibole and Chrysotile variety (Crocidolite, Amosite,Actinolite, Antofilite and Trimolite) and products containing these fibers.

Argentinas import restrictions

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Human corpses, human organs or body parts, human and animal embryos, or cremated or disinterred human remains.

Explosives

Firearms and weapons

Perishable foodstuffs and foods and beverages requiring refrigeration or other environmental control

Live animals (including insects) except via the Live Animal Desk (1.800.405.9052)

Plants and plant material, including cut flowers

Lottery tickets and gambling devices wherever prohibited by local, state, provincial or national law

Collectible coins and stamps

Pornographic and/or obscene material

Hazardous waste such as used hypodermic needles or syringes or other medical waste

Dangerous goods except as permitted under the Dangerous Goods section of these terms and conditions

-Packages that are wet, leaking or emit an odor of any kind.

Easily importable products

Textile, Motor vehicles, Cell phones, Computers and related accessories, organicchemicals, equipments & machinery, electronics, synthetic fibers, automobiles, iron &steel, plastics, dyes & paints, cotton, and pharmaceuticals, Marine Products, Edible Nuts& Fruits, Products of Milling Industry, Cocoa & Cocoa Preparations, Proceed FoodItems, Photographic or Cinematographic Goods, Wood & Articles of Wood, Cork &Articles of Cork, Wood and Wood Products, Cotton, Knit & Woven Apparel, OtherTextiles updates, Footwear, Aluminum Aircrafts, Toys & Games, Animal andvegetable oils and fats.

*Reference 11

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10. Other important Characteristic of Argentina

The characteristic that we thought was important to analyze is the passion for sports in

the country, especially Football.

Every weekend Argentina responds to this multitudinous passion for football by fillingup all the stands in every stadium. Soccer is the national sport beyond excellence. Song,drums, trumpets, flags and hair band make the Argentine soccer an unrepeatable show inthe world.

There is no doubt that the most anticipated game by Argentine people and the touriststhat visit the country, is the game between Boca Juniors and River Plate (the mostimportant teams in Argentina). That day the country comes to a stand still: tickets out ofstock, bars crowded with fans and the mood of almost half of country depends of the

result of the match. The English newspaper The observer published that, according to asurvey, this match was considered one of the 50 sporting events that a person shouldexperience before dying.

Argentine teams have a different mystic than the rest of America and Europe. Passion,spirit, technique and potrero help Argentine soccer to gain the respect of the mostimportant teams of the world and several argentine players are playing in differentcountries around the world.

Talking about the National Team, Argentina won two World Cups (1978 and 1986) andobtained the gold medal in the Olympic Games in Athens 2004. In 2000, according to a

pool in FIFA website, the argentine player Diego Armando Maradona was chosen as thebest player in 20th century. Diego Maradona is considered as the National Icon and mostArgentines believe that he was the best footballer ever, even better than the great Pele.

The way this sport is experienced in the country is a great example of the character of theArgentine man and woman: passionate and proud. The jersey has to be perspired, socceris grit, life, and heart, and this is the way it is felt in Argentina. Only eleven are on thefield, but 37 million actually play.

*Reference 12

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11. Market Entry Through an intermediary.

We would enter the Argentine market through an Intermediary. Selling to departmental

stores, chain stores through an intermediary, is a good option.

Majority of agency and distribution agreements are flexible and can be negotiatedindividually. Most key Argentine importers are based in Buenos Aires, although a few ofthe larger organisations have branches in the provincial cities of Crdoba, Rosario andMendoza. They generally opt for a network of distributors supported by travelling salesstaff and rely on periodic visits from the provincial buyers to their Headquartersshowroom in Buenos Aires.

Before establishing any formal agreements, it is important that we as Indian exportersanalyze the sales coverage strategy of our potential representative. It is normal, but not

compulsory, to give sole rights for the whole of the country to one agent. This mayinitially be agreed for one year with a performance-tied option to extend for a longerperiod.

It is strongly advised that, as exporters, we visit the market regularly. Such visits areinvaluable to us to gain an appreciation of local market conditions, to oversee the workand support their local representative.

Local procedures vary from product to product and at times, are complex. It is alwaysbetter to take the suggestion of the Intermediary on our product about invoicing anddocument requirements to avoid further delays and problems.

Generally, the following documents are required for freight shipments to Argentina:

Commercial invoices, in copies of four. Original bill of lading, airway bill or parcel post receipt (depending on the means

by which the goods are sent). Packing list Certificates of origin, stamped by the Argentine Consulate in London are required

for many products, for example textiles, clothing and all those items subject tospecific duties.

Few rules to follow after entering the market through an intermediary

-Locate a distributor or representative

-Have a long-term perspective

-Have a personalized approach

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-Be attentive to service and delivery

-Provide fair credit terms

-Protection of trademarks and other intellectual property

-Have a representative who is well versed in Spanish language

-Furnish materials in Spanish

Between high fashion products and mass market products, there is an opportunity foremerging markets which may be exploited by the Indian exporters.

*Reference 13

12. Market for Product

The product that we have chosen to export to Argentina is Fiber textiles.

Following are the reasons-

The textile sector has shown significant growth since 2002. During 2004, the textilesector grew 75 percent, the highest growth recorded for any industry sector in theArgentine economy that year. This continued through 2005 & 2006 due to consumptionbooms, driven by increased purchasing power and rapidly growing inflows of tourists

buying Argentine textile and apparel products.

The total Argentinean textile market is estimated to be worth US$ 12 Billion. Theclothing industry of Argentina is expected to grow at a steady rate in the coming years inview of the growing demand for high fashion garments and its exports and the dynamiclocal retail sector consisting of local and foreign players. Argentinas clothingpreferences have changed. They are more oriented towards designs and brand nameswhich are important, especially to the younger generation who are influenced by the USlife styles and friends.

The Argentinean textile and garment industry though self sufficient to an extent still

heavily depend upon import of synthetic fibers and fabrics. According to the localdesigner and trendy retail stores, Buenos Aires is emerging as the fashion capital of theSouth American region.

According to the Argentine Apparel Industrial Chamber, annual production of clothingitems is valued at US$2.27 billion. The sector boasts about 11,600 manufacturing anddesign companies and 30,100 retail stores. The economical apparel sector reaches annualsales of about US$ 5 billion per year, and this figure is expected to rise.

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The overall Argentina market for textiles and clothing import was valued at over US$911.55 million during 2005. MMF (Man Made Fiber), Textiles & Cotton covered underconstitutes majority of imports.

Argentina is one of the fastest growing markets for Indian MMF(Man-made Fiber) textileexports. From exports of merely Rs.23.10 crores in 2003-04, Indian MMF exports havegrown 147% to reach Rs. 57.08 crores in 2005-06. Currently India ranks 8th in importsofMMF textiles by Argentina.

Currently, the main items of export consist of

Viscose Spun & filament Yarn Polyester Viscose Yarn Shawls/Scarves

Muffler and Polyester blended fabrics

In Argentina, men wear stylish wool, blended suits especially in the winter months. Forany season, dark conservative colors are most popular. Working women strive for simpleelegance with conservative colors and styles. Trousers and pant suits are also becomingpopular.

Since Argentinas economy is expected to continue growing in the coming years due torising consumption, increased general purchasing power and rapidly growing inflows oftourists buying Argentine textile and apparel products, there is good scope for Indian

textile companies to increase exports to this country.

*Reference 14

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Reference

1) http://fedex.com/us/international/irc/profiles/irc_ar_profile.html?gtmcc=us#C04

2) http://www.europaworld.com/pub/entry/ar.ss.23) www.researchandmarkets.com/.../argentina_food_and_drink_report_2009.pdf4) http://au.encarta.msn.com/sidebar_1461501108/argentina_customs_and_lifestyle.

html5) http://www.financialexpress.com/news/slowdownhit-textile-sector-gets-lifeline-

from-argentina/456491/6) www.x-rates.com/d/ARS/USD/hist2009.html

http://www.x-rates.com/d/ARS/EUR/hist2009.html7) http://en.mercopress.com/2009/03/02/argentine-peso-slides-under-managed-

devaluation.8) http://indexmundi.com/argentina/imports_commodities.html

https://www.cia.gov/library/publications/the-world-factbook9) http://www.financialexpress.com/news/pharma-cos-knocking-on-argentinas-

door/109650/10) http://books.google.co.in/books?

id=sVTprsgH0SEC&pg=PA89&lpg=PA89&dq=argentina%27s+international+trade+policy+toward+importing&source=bl&ots=LUXnbfzL6h&sig=Ybh5RLt2G-2h7bLxWQs7Z73YPGg&hl=en&ei=1MidSp_hA5eGkAXjm73hBA&sa=X&oi=book_result&ct=result&resnum=1#v=onepage&q=argentina%27s%20international%20trade%20policy%20toward%20importing&f=false.

11) http://fedex.com/us/international/irc/profiles/irc_ar_profile.html?gtmcc=us#C04

12) http://www.en.argentina.ar/_en/sports/soccer/index.php13) http://smetimes.tradeindia.com/smetimes/in-depth/2008/Aug/01/argentine-textile-

industry.html14) http://smetimes.tradeindia.com/smetimes/in-depth/2008/Aug/01/argentine-textile-

industry.html
http://www.x-rates.com/d/ARS/USD/hist2009.htmlhttp://www.x-rates.com/d/ARS/EUR/hist2009.htmlhttp://www.x-rates.com/d/ARS/USD/hist2009.htmlhttp://www.x-rates.com/d/ARS/EUR/hist2009.html

Country Notebook - Argentina Project

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