November 22nd, 2024
1. Javier Milei was present at the G20 Summit
At the G20 summit held in Rio de Janeiro, Javier Milei presented a critical approach to global governance and interventionist policies. In his speeches, he argued that state interventions not only fail to combat poverty, but also generate dependency and corruption. He proposed that the solution lies in “deregulating the economy” and allowing the free market to drive prosperity. His position emphasized rebellion against measures such as global taxes, environmental restrictions and redistribution policies that, according to him, violate fundamental rights such as private property and economic freedom. On the diplomatic front, he met with Brazilian President Luiz Inácio Lula da Silva, with whom he has marked ideological differences on issues such as climate change and the war in Ukraine. He also met with Chinese President Xi Jinping. Although he maintained his critical discourse, Argentina finally signed the final G20 document, although with reservations on issues related to the 2030 Agenda.
2. The President met with Donald Trump, Emmanuel Macron and Giorgia Meloni
In the context of his participation in the G20, Javier Milei held parallel meetings with different international leaders. On the one hand, he met with Donald Trump at Mar-a-Lago. During the meeting, both leaders agreed on their rejection of globalist policies and their support for an approach that prioritizes national sovereignty and free markets. On the other hand, Milei received the President of France, Emmanuel Macron, at the Casa Rosada, in a meeting that sought to strengthen the bilateral relationship between Argentina and France. Both leaders discussed cooperation in areas such as education, energy transition and agro-industrial trade. Despite their ideological differences, they agreed to maintain a dialogue and Macron expressed interest in promoting French investments in Argentina. Finally, he also received the Italian Prime Minister, Giorgia Meloni, to consolidate a common agenda based on three main axes: the strengthening of trade ties, collaboration in security and the promotion of cultural exchanges.
La Nación: Javier Milei tuvo su encuentro informal con Donald Trump en Florida y cruzaron fuertes elogios
Infobae: Javier Milei se reunió en la Casa Rosada con Emmanuel Macron, presidente de Francia
TN: Los tres ejes que fijaron Javier Milei y Giorgia Meloni tras la reunión en Casa Rosada
3. In October, the trade balance hit a surplus of US$ 2.5 billion
In October 2024, Argentina’s trade balance hit a surplus of US$2.5 billion, reaching an accumulated positive balance of almost US$16 billion so far this year. This performance is mainly due to a sharp contraction in imports, which fell by 27% year-on-year, while exports also decreased, but to a lesser extent, by 11%. Among the most outstanding sectors in exports were agricultural products and industrial derivatives, although there was a decline in volumes attributed to factors such as the drought and weaker external demand. On the other hand, the fall in imports reflects government measures to limit foreign purchases, the lower level of domestic economic activity and restrictions on access to foreign currency.
4. The PRO and the opposition failed to achieve a quorum, closing the Chamber of Deputies session
When there was only one deputy left to achieve the quorum, the time expired and the president of the Chamber of Deputies, Martín Menem, adjourned the special session requested by the Macrismo and the ruling party to deal with the Clean Record Law, which prevents people convicted of corruption from being candidates for elective office; the Reiteracy and Recidivism Law, against the revolving door of criminals; and the postal vote by mail for Argentines living abroad. Likewise, the Government once again made it clear that it is not willing to give in in the negotiation with the governors for the Budget 2025. Without having reached an agreement with the governors, the government suspended this Tuesday the meeting of the Budget Committee in which it was trying to reach an opinion to deal with the Budget 2025 and the libertarian deputy José Luis Espert – who is in charge of the discussion – assured that they will not call for extraordinary sessions until a text is agreed upon.
5. Continued interest in investing in Vaca Muerta
YPF is accelerating the construction of the Vaca Muerta Oleodcuto Sur (VMOS), the largest private investment in Argentina’s history, which will help triple current oil production to 1.5 million barrels per day and will generate crude exports of more than US$21 billion per year. According to YPF’s president and CEO, Horacio Marín, the VMOS will turn Argentina into one of the “main” exporters in the region. “The magnitude of this project makes it transcendental for the Neuquina Basin: this pipeline will more than double the possibility of evacuating oil from Vaca Muerta,” added Marín.