From March 23-24, U.S. Secretary of Commerce Penny Pritzker joined President Barack Obama on his trip to Buenos Aires, Argentina. This trip demonstrated America’s renewed relationship with a key regional partner.

In Buenos Aires, President Obama and Secretary Pritzker met with the newly-elected Argentine President Mauricio Macri and members of his administration in an effort to increase cooperation between our two governments in a range of areas, including trade and investment, renewable energy and climate change, and security issues.

While President Macri was elected to office during challenging time, he has already demonstrated a remarkable and courageous commitment to policies that will help to revitalize Argentina’s economy. The Macri Administration has moved quickly and in good faith to resolve the long-standing dispute with Argentina’s creditors, which will allow Argentina to access global capital markets and return to the path of economic growth. President Macri has also lifted capital controls, reduced export taxes on soy by 5 percent, and eliminated export taxes on a raft of agricultural and industrial goods. By cutting energy subsidies to utilities, the Argentine government will create an incentive for private investment to return to Argentina’s energy sector.

In addition to meeting with government officials in Buenos Aires, Secretary Pritzker also met with U.S. and Argentine private sector leaders at the AmCham Argentina Summit to solicit their input on how to strengthen the commercial and economic ties between the two countries. At the summit, Secretary Pritzker moderated a panel discussion with  Archer Daniels Midland CEO Juan Ricardo Luciano, The AES Corporation President and CEO Andres Gluski, and Dow Chemical Company Vice Chairman Howard Ungerleider, during which they discussed how President’s Macri’s reforms are attracting more American investment in the country, and helping to rapidly integrate Argentina into the global economy.  More than 500 U.S.-based companies operate in Argentina, employing 360,000 Argentines and supporting millions more indirectly. U.S. companies are well represented in Argentina in energy, manufacturing, information technology and finance sectors. However, there is great potential for more trade and investment between the two countries. More than 500 U.S.-based companies operate in Argentina, employing 360,000 Argentines and supporting millions more indirectly. U.S. companies are well represented in Argentina in energy, manufacturing, information technology and finance sectors. However, there is great potential for more trade and investment between the two countries.

During her trip, Secretary Pritzker and Argentine Minister of Production Francisco Cabrera signed a Memorandum of Intent establishing a U.S.-Argentina Commercial Dialogue.  The Dialogue aims to strengthen the economic and commercial ties between the two countries by fostering communication across our respective public and private sectors. The Dialogue will be guided by the priorities of our respective business communities and focus on identifying pragmatic steps our governments can take to promote economic prosperity and a brighter future for our people.

The President’s historic trip and the establishment of the U.S.-Argentina Commercial Dialogue reinforce the Administration’s goals to support President Marci’s efforts to open up Argentina’s economy, strengthen the commercial ties between the two countries, and create opportunity for both American and Argentine citizens.