Argentina to boost competitiveness of productive sector with Single Window for Foreign Trade

IDB approves loan to institute platform that will simplify and facilitate trade transactions and investment 

Argentina will open a Single Window for Foreign Trade that will boost the international competitiveness of its productive sector, with support from a $73.6 million loan from the Inter-American Development Bank (IDB). 

The window is a technological and regulatory platform that will simplify and facilitate foreign trade and investment transactions by optimizing processes and reducing wait time and costs. It will also provide up-to-date information of the services provided by public and private institutions that work in trade facilitation and promotion. In addition, it will allow inter-operability with the foreign trade platforms of other countries. 

“The Single Window for Argentine Foreign Trade will help reduce the costs associated with foreign trade, improving the competitive position abroad of the productive sector, especially small and medium-size companies. The Single Window also represents a major effort to boost coordination among institutions, which will facilitate the flow of information and boost transparency in foreign trade processes," said Mikael Larsson, IDB project team leader. 

The program will support the design of the Single Window, the definition of its technological and processing features, adaptation of the processes and regulations of the state agencies that will take part in it and the development of the window's technology, including interconnection with public and private entities using the system. 

The plan will also support management of change and coordination so as to achieve better articulation among institutions and promote proper implementation of the Single Window by public entities, companies and end users. It also aims to ensure adequate awareness of its benefits and the tools related to foreign trade information services. 

The expected results include a more competitive position abroad for Argentine companies by reducing their trade costs. It is hoped that when the program is fully implemented, processing and bureaucratic filing times for foreign trade will have been cut by 40 percent; for imports the goal is a 70 percent reduction. Other goals are to reduce logistical costs associated with foreign trade and boost the number of small and medium-size companies taking part in such trade. 

The $73.6 million loan is over 25 years, with a grace period of five and a half years and an interest rate based on LIBOR. The local contribution is $8.4 million.