Bengaluru, 2 March 2023 (TDI): The Minister of Economy of Argentina, Sergio Massa held a productive discussion with the Undersecretary of International Affairs of the US Treasury, Jay Shambaugh at the G20 Summit.
It was focused on the global financial outlook and Argentina’s need for middle-income country financing solutions.
They discussed the measures to stimulate economic growth, the importance of international cooperation, and the need for innovative approaches to funding.
US Undersecretary and Argentine Minister emphasized the importance of creating a supportive policy environment, which encourages international cooperation, innovative approaches to financing solutions, & new instruments which support countries in need.
They also discussed the necessity of investing in infrastructure projects and developing sustainable financial options for middle-income countries.
Development of Middle-income countries
To stimulate economic growth & support the long-term development of middle-income countries, international institutions should provide assistance and support to facilitate development projects, & provide guidance on how to best manage economic resources.
Above all, both leaders also discussed the international financial situation in light of global economic trends and their potential impacts, particularly on Argentina.
Moreover, the two discussed ways to promote economic growth. In the same vein, they also identified areas of cooperation between the two countries. It will ensure stability across international markets.
The Argentine Minister expressed his appreciation for the US’s support as a key trading partner and investor in Argentina but stressed that more could be done to help sustain the gradual progress made in the country over the past several years.
US Undersecretary expressed his commitment to working with Argentina to develop new initiatives, as it will promote international collaboration and create mutually beneficial outcomes for both countries.
Additionally, Minister Massa and US Undersecretary Shambaugh agreed to further explore innovative financing solutions that could provide sustainable financing opportunities for middle-income countries.
At the conclusion of their meeting, both leaders also committed to continuing to work together to ensure these countries have access to the resources they need to succeed.
Economic ties between US and Argentina
For the record, the economic ties between the United States and Argentina have been growing steadily over the years.
The US also made direct investments in Argentina totaling $4.06 billion. Thus, making it the second-largest source of foreign direct investment in the country. There has also been close cooperation between the two countries in the banking sector.
Moreover, Argentina is a key participant in the US dollar-denominated global market, and the US is a major supplier of financial services to Argentina, including banking and insurance.
The two countries have also collaborated on initiatives such as the Innovation and Entrepreneurship Pilot Program and the Supply Chain Development Program.
Most importantly, both countries are part of the Global Financial Markets Initiative (GFMI). It seeks to strengthen financial infrastructure and promote global economic growth.
Through cooperative initiatives and investments, both countries have been benefiting from their strong ties and contributing to global economic growth.
The economic and financial ties between the United States and Argentina are poised to continue growing in the future.