2 Aug 2018
Argentina Implements Law on International Commercial Arbitration, Joins TIR Convention
Argentina has adopted a law and approved an international customs convention that, as a whole, are expected to have a positive impact on international trade.
Argentina has adopted a law and approved an international customs convention that, as a whole, are expected to have a positive impact on international trade. Law 27.449 on international commercial arbitration establishes a framework for settling international commercial disputes while enhancing legal certainty for foreign investments. Based on the United Nations Commission on International Trade Law model law on international commercial arbitration, Law 27.449 will arguably serve as an important tool for attracting additional foreign investment into Argentina.
Argentina has also joined the Convention on International Transport of Goods Under Cover of TIR Carnets, a multi-lateral convention dating back to November 1975 aimed at simplifying and harmonising the formalities of international road transport. The TIR system requires customs and national authorities to provide minimal manpower and facilities – which is limited to checks on seals and the inspection of load compartments or containers – and reduces transit delays and congestion at border crossings. Accession to TIR secures payment of customs duties and taxes by providing a robust guarantee mechanism, thus reducing trade transaction costs and facilitating higher growth of intra- and inter-regional trade.