Through an official publication, an agreement between Argentina and the UAE aimed at promoting and protecting investments between both countries was ratified, which can be significant for economic and commercial relations between them.
Through the Law 27,779 published this Monday in the Official Gazettethe Government approved an important trade agreement between Argentina and the United Arab Emirates (UAE). The agreement, known as the Bilateral Investment Treaty (BIT), establishes a legal framework so that companies from both countries can invest in each other’s territory.
The key points of the law
With the publication of the Law, Argentina gives its formal consent to an agreement that was signed in 2018 but that has only now been approved by Congress. This agreement detailed in the annex establishes the conditions and benefits for investments between both countries, which may include.
- Legal protection for investments
- Profit transfer facilities
- Dispute resolution between investors and States
- Fair and equitable treatment standards for investments
Why is this law important?
As mentioned in the official text, This agreement seeks to attract investments from the United Arab Emirates to Argentina, which could generate “employment, economic growth and development.” It also highlights that the agreement deepens economic and commercial ties between both countries.
And he adds that by establishing clear rules for investments, uncertainty is reduced and a more stable business environment is fostered.
Thus, this law represents an important step to strengthen economic relations between Argentina and the United Arab Emirates, and opens new opportunities for companies from both countries.
Source: Ambito
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