On February 23, 2018, Canada announced the positive conclusion of exploratory discussions on a comprehensive free trade agreement with MERCOSUR. On March 9, 2018, Canada and MERCOSUR agreed to begin negotiations for a comprehensive free trade agreement between Canada and MERCOSUR. When will it come into force and what will be the possible consequences for world trade? Learn more about Canada`s trade and investment agreements: types of contracts and the gradual development of trade and investment agreements. Take your business to the next level. Discover opportunities to grow your footprint in Argentina with our Trade Commissioner Service (TCS) and learn more about trade relations between the two countries, market facts and other discoveries. Relations between Argentina and Canada date back to 1867, when the Canadian government made its first trade mission to Argentina and other countries in the region. In 1911, Canada opened its first South American trade office in Buenos Aires.  In 1940, the two nations established formal diplomatic relations. In 1945, Canada opened its first embassy in Buenos Aires.  Recognizing that the promotion and protection of investments by one party in the other party`s territory will foster the stimulation of business initiatives and the development of economic cooperation between them, Argentine President Mauricio Macri and Canadian Prime Minister Justin Trudeau met for the first time in March 2016, more than a decade after the last meeting between Argentina and Canadian heads of state. At that meeting, they decided to strengthen the bilateral relations that have existed for more than 75 years at the diplomatic level.
The commitment of the two heads of state is reflected in the fact that Argentine Vice-President Gabriela Michetti visited Toronto and Ottawa five months after the meeting and Prime Minister Trudeau will visit Buenos Aires in November (the last Canadian Prime Minister to visit Argentina was Jean Chrétien in 1998). The two nations have signed several agreements, such as. B an agreement on the construction of the nuclear power plant in the Rio Tercero dam (1976); Air Services Agreements (1979); Agreement on investment promotion and protection (1993); the 1994 agreements on the prevention of double taxation and the prevention of tax evasion in relation to income and capital taxes; Legal assistance treaty (2000); Joint Declaration of Intent on Energy Efficiency (2018); Joint Statement of Intent on Mining Policy (2018); and a Memorandum of Understanding (2018).  Argentina, South America`s second largest economy, offers a promising market for Canadian exporters. Bilateral trade was $2.2 billion in 2017, an increase of more than 18% over the previous year. In 2017, Canadian exports to Argentina peaked at $445 million. In 2018, our exports to the country fell to $328 million due to Argentina`s economic slowdown, but the trend for 2019 shows a strong recovery. Canada`s Emerging Leaders program offers students from Latin America and the Caribbean, including Argentina, short-term scholarships to study or research in Canada. These university agreements help promote research cooperation and student exchanges.
Since 2009, nearly 250 Argentine students have participated in exchanges of studies or research at the university, at the bachelor and graduate level. Every 9 July, Argentina celebrates its Independence Day on the occasion of its declaration of independence from Spain in 1816. Moving rapidly by 2019 and the country has become a major economic and political force in South America. It has also been a trading and investment partner for Canada for more than a century.