AGP Executive Report

Rare Earth Supply Chain: POSCO International signed an MOU with Brazil’s Meteoric Resources to secure rare earth intermediate materials from Minas Gerais and refine them into oxides for permanent magnet makers in Korea and abroad. Uranium Investment Push: Argentina’s nuclear authorities met Jaguar Uranium to discuss continued investment and new uranium projects, including Laguna Salada (Chubut) and Huemules (Mendoza). Poultry Trade Access: Argentina will resume fresh poultry exports to the EU from Aug. 17 after regaining highly pathogenic avian influenza disease-free status, restoring access to Mercosur quota benefits. Mining Infrastructure via RIGI: San Juan launched an investor roadshow aiming to raise up to $500m for roads, water and housing to support the RIGI-approved Vicuña copper-gold-silver megaproject. Digital Payments for Merchants: Ant International and Alipay+ Connect expanded Argentina’s national QR payment scheme nationwide, targeting broader merchant acceptance. Energy & Tech Signals: Argentina’s energy potential got a spotlight via Vaca Muerta coverage featuring IMF-linked officials, while Starlink plans to connect 6,000 rural schools.

Energy & Macro: IMF chief Kristalina Georgieva visited Argentina’s Vaca Muerta with Economy Minister Luis Caputo, praising Milei’s austerity and saying Argentina is in a “much stronger position” to meet debt obligations as inflation cools and reserves rise. Energy Infrastructure & Environment: UNESCO formally asked Argentina to suspend the Vaca Muerta Sur pipeline and the Punta Colorada oil terminal over high risks to the Península Valdés World Heritage ecosystem, citing tanker traffic, noise, lighting, and spill threats. Hydropower Privatization: Milei’s government launched an international tender to transfer the Los Nihuiles hydroelectric system to the private sector via a 30-year concession plus sale of 100% of HEMSA shares, aiming to raise up to $2.3bn in 2026-27. Trade & Industry: Brazil and South Korea agreed to create a working group to unblock Mercosur-South Korea talks, with sensitivities to be identified to restart negotiations. Argentina Investment Story: Robeco’s emerging-markets chief returned to Argentine stocks after a hiatus, citing the energy boom and record energy trade surplus tied to Vaca Muerta. EV Infrastructure: Tesla took concrete steps toward Argentina entry with a 2027 launch plan, prioritizing Superchargers via a cooperation deal with YPF. Agribusiness Inputs: BASF is rolling out Replexor Active, a new PPO herbicide aimed at filling gaps against resistant weeds, with market entry targeted for 2030 pending approval. Payments & Retail Tech: Ant International’s Alipay+ Connects Argentina’s national QR payment scheme nationwide, expanding local payment access for merchants. Consumer Demand: New IGD ShopperVista data shows heatwave + World Cup shifted food choices toward lighter, chilled, low-cooking options and boosted hydration categories.

IMF Signals Confidence in Milei: IMF chief Kristalina Georgieva praised Argentina’s reforms, saying the country is in a “much stronger position” and that she doesn’t foresee the need for additional IMF financing in 2027, pointing to falling inflation, reserve buildup and a shift to a primary surplus. Rural Connectivity Push: President Milei announced a Starlink deal via Enacom to bring satellite internet to 6,000 rural schools, with kits donated and service funded first through the Universal Service Fund, then via a regulator-backed year. Payments for Travelers: Ant International’s Alipay+ expanded QR payments in Argentina by integrating with Transferencias 3.0, letting global visitors pay at local merchants using existing QR infrastructure. Diplomacy Meets Commerce: Milei and Lula’s feud escalated after Milei insulted Lula, triggering Brazil to recall its ambassador, while separate Lee-Lula talks emphasized restarting the stalled Korea-Mercosur trade pact. Retail Expansion: Argentine ice-cream brand Lucciano’s plans a USD 12m investment to open 60 new locations (40 in Argentina) and expand production in Mar del Plata. Energy Supply Risk: Energy traders are preparing to import more crude outside the Middle East as Red Sea and Hormuz disruptions tighten routes and raise premiums. Global Trade Pressure: U.S. forced-labor tariffs under Section 301 took effect, keeping a 10% charge on many Ecuador exports (with some agricultural exemptions).

IMF Talks in Buenos Aires: IMF managing director Kristalina Georgieva is in Argentina for meetings with Economy Minister Luis Caputo, with fiscal targets and a planned visit to Vaca Muerta on the agenda. Energy & Industry Pressure: In Neuquén’s Vaca Muerta, fracking-linked tremors are reportedly topping 600, raising structural-damage fears and social tension even as output breaks records. Agribusiness Update: The US USDA’s FAS revised Argentina’s 2026-27 wheat production estimate up to 21.6m tonnes and lifted export forecasts to 15.5m tonnes, citing more planted area and weather-driven yield changes. Consumer & Regulatory Watch: Argentina’s ANMAT banned unregistered household cleaning products from Clean Lab and Clorquim, including online sales. EV Market Move: Tesla has started its entry into Argentina via a local entity and is building its supercharger network, with car sales expected to ramp in 2027. Trade & Compliance: The US CBP seized nearly $9m in counterfeit FIFA World Cup 2026 merchandise, including jerseys tied to Argentina, underscoring enforcement risk for importers.

Argentina Energy & Investment: Argentina’s shale boom keeps stacking wins: May 2026 oil hit a record 887,227 barrels/day and natural gas rose to 5.5 billion cubic feet/day, driven by Vaca Muerta’s output mix. Renewables Buildout: Coral Energía (Corven Group) is pushing ahead with two solar parks in Santiago del Estero—Bandera (26 MWp) and Añatuya (13 MWp)—adding 39 MW and targeting major CO2 savings. Agribusiness Policy Signal: President Milei inaugurated La Rural and framed the sector as central to growth, pointing to lower tariffs on inputs and machinery, market openings, and reduced export taxes. Regional M&A & Retail Expansion: Milei-era stabilization is pulling in “multilatinas,” including Peru’s Gloria buying Saputo’s Argentina dairy brands, Chile’s Cencosud acquiring Makro’s local operation, and Mexico’s Industrias y Marcas moving into dulce de leche exports. Trade Shock Watch: The U.S. rolled out new forced-labor tariffs affecting Argentina among 60+ partners, adding another layer of cost pressure for exporters.

Aerolíneas Argentinas Fleet Expansion: Aviation Capital Group signed leases for six Boeing 737-10s, boosting capacity from Buenos Aires hubs with first deliveries slated for 2028. Consumer Rights Push: A bill in Argentina’s Chamber of Deputies would create a “right to repair” regime and ban planned obsolescence, requiring long-lasting spare parts and free technical documentation. Local Growth Watch: A UNLP study placed San Vicente among Buenos Aires province’s “Leader” municipalities, citing sustained expansion driven by construction, commerce, and territorial planning. Global Trade Context: Reports say the U.S. tariff regime under Section 301 is reshaping export costs across partners, with Argentina’s government pointing to tariff shifts as a regional advantage. Health & Pharma Supply: Aspen Pharmacare positioned itself as a key African supplier for Merck’s once-a-month HIV-prevention pill, aiming for faster rollout via tablet licensing. Tech & Internet Impact: Cloudflare data found Argentina’s quarter-final vs Switzerland drove the biggest World Cup traffic swings, showing how sports can move online demand fast.

Argentina–Mercosur Trade Outlook: South Korea’s President Lee Jae Myung says ties with South America are entering a “new phase,” pushing a trade agreement push with Mercosur and cooperation on agriculture, food production, energy, critical minerals, and advanced manufacturing—while he visits Brazil, Chile and Argentina. Argentina Tech & Media Trust: An Argentine journalismAI expert warns that newsrooms must use AI to spot disinformation fast, but only with editorial judgment and human verification to keep credibility. Argentina Finance Signals: Moody’s upgrades Argentina’s debt rating again and revises outlook to positive, while Goldman Sachs also cuts its growth forecast to 2.7% ahead of elections. Aviation & Fleet Renewal: Aerolíneas Argentinas unveils its biggest fleet renewal in a decade with 20 new aircraft, aiming to boost capacity and service. Construction Safety Watch: FC Barcelona reports a fatal workplace accident during Camp Nou renovations, a reminder for Argentina’s own construction sector to keep safety front and center. World Cup Spillover: Hotel industry data points to a late surge in bookings tied to the Spain–Argentina final, adding incremental revenue as tourism demand rebounds.

Argentina Economy Watch: Goldman Sachs cut its 2026 Argentina growth forecast to 2.7% (from 3%) and flagged a possible contraction in activity in Q2, while still praising fiscal balance, reserve accumulation and disinflation progress. Hotel & Tourism Demand: The World Cup final between Spain and Argentina sparked a late hotel-booking surge in New York, adding $74M to incremental revenue estimates, with final-match totals still being processed—an example of how major sports events can quickly move hospitality demand. Trade & Tariffs Shockwaves: The US is escalating forced-labor-related tariffs under Section 301, including a 12.5% levy affecting multiple countries; the broader move is already reshaping export planning and legal risk for importers. Regional Business Politics: Argentina President Javier Milei is set to tour Latin America to meet far-right leaders, framing it as a push to “triple” trade—timing that analysts say also reflects shifting political momentum across the region. Health & Mobility Risk: Authorities warn World Cup travelers about measles exposure as cases hit a 35-year high in the US, raising compliance and vaccination concerns for returning visitors.

US Tariff Shock for Argentina Exports: The Trump administration imposed new forced-labor Section 301 tariffs on 60 economies, with Argentina placed in the 10% bracket—an outcome Argentina’s trade officials say preserves its “tariff advantage” under the reciprocal deal. Energy & Industry Watch: A new methane report says oil and gas producers across Africa and Latin America—including Argentina—can cut emissions using existing tools like leak detection and repair, but results depend on infrastructure, rules, and financing. Argentina Reserves Move: Argentina’s central bank bought about USD 345m to strengthen reserves, extending a streak of net dollar purchases and pointing to improved inflows from agriculture, energy, and mining. UN Leadership & Regional Links: Argentina’s Rafael Grossi is among the candidates seeking to replace UN chief Guterres, as the race focuses on Security Council deadlock and funding pressures. Logistics & Trade Compliance: A global supply-chain firm expansion notes recent acquisitions including in Argentina, aimed at tightening contractor compliance and supplier risk management. Energy Security Angle: Thailand’s 108-day oil buffer highlights how countries are diversifying crude imports—Argentina exporters will be watching similar demand shifts.

U.S.-Argentina Trade Shock: The Trump administration launched sweeping Section 301 tariffs tied to forced-labor claims, setting 10% duties for countries including Argentina and 12.5% for others; the move replaces a temporary 10% global surcharge and takes effect immediately, with broad product coverage but notable exemptions. UN Leadership Watch: Six candidates for UN secretary-general—including Argentina’s Rafael Grossi—held a televised town hall focused on restoring credibility amid financial strain and Security Council paralysis. Argentina Football Business: River Plate confirmed the signing of Ángel Correa from Tigres, a deal reportedly around $20m, signaling fresh spending ahead of the Apertura. World Cup Afterglow in Commerce: Visa says FIFA World Cup 2026 created “pop-up economies,” boosting cross-border spending in host cities, while Telemundo’s coverage hit record Spanish-language audiences, underscoring the tournament’s marketing pull. Tech & Finance Angle: BTCC, an Argentine AFA sponsor, reported a surge in futures trading volume tied to Argentina’s World Cup matches.

UN Leadership Race: Six candidates for UN secretary-general, including Argentina’s Rafael Grossi (IAEA chief), faced a televised town hall ahead of the formal selection process, with diplomats and civil society pressing them on how to restore the body’s credibility. US Tariff Shock (Forced Labour): The Trump administration is rolling out new 10%–12.5% tariffs on 60 trading partners, replacing expiring temporary duties, citing failures to enforce forced-labour import bans; Argentina is listed among the 10% group. Argentina Trade Linkages: Vietnam’s trade office in Argentina met Cordillera Brewing to expand imports and distribution, with interest in Vietnamese green coffee beans and other agri-food inputs for roasting and processing across Argentina and the region. Energy & Industry (Critical Minerals): Argentina’s distributed solar capacity grew 34.5% in H1, while CONICET research explores rare earths in Buenos Aires paleo-coasts to support a sustainable energy transition. Pope Logistics Watch: The Vatican sent a delegation to Argentina to assess logistics, security and protocol for a possible Pope Leo XIV visit in November.

Aerolíneas Argentinas Fleet Push: The state airline says it will add 20 aircraft to its fleet in the 2027–2031 plan, including 14 formalized deals at Farnborough (six Airbus A330neo and eight Boeing 737 MAX-10), aiming to renew a quarter of its fleet and boost domestic and regional capacity from Buenos Aires. US Tariff Threat to Argentina Exports: The Trump administration is preparing new forced-labor tariffs under Section 301 that could hit Argentina and other Latin American countries, with rates up to 12.5% depending on enforcement claims. Biofuels Deal With Argentina Exposure: Raízen agreed to sell its Caarapó sugar and ethanol mill to Adecoagro for about US$149.3M as it streamlines operations and reduces debt, with remaining divestments tied to its Argentina refining and marketing assets. Compliance/Finance Watch in Football Business: A Florida inquiry into AFA-linked money flows is testing whether World Cup glory masked opaque commissions and spending, with agents reportedly questioning AFA officials. Energy & Infrastructure: Argentina’s distributed solar capacity grew 34.5% in H1, adding momentum for renewables rollout.

Argentina Economy Watch: Argentina’s economy shrank again in May, with a 0.5% monthly drop and weak domestic demand signals as agriculture and mining offset softer manufacturing and retail. Credit & Markets: Moody’s lifted Argentina’s debt rating to B3 with a positive outlook, feeding optimism on the Buenos Aires stock market and reinforcing Milei’s push for market access. Central Banking: The BCRA bought USD 25m in the FX market, nudging gross reserves higher, alongside a gold position increase. Real Estate Policy Impact: Buenos Aires’ rental market shifted after Milei’s Rent Law repeal, with inflation-adjusted apartment prices down sharply and listings rising to restore competition. Trade & Compliance: Argentina signed onto the Port State Measures Agreement to tighten enforcement against illegal fishing in the South Atlantic. Sports-Business Spillover: Argentina’s World Cup run kept fueling cross-border attention and tech/commerce chatter, while the AFA corruption probe escalated with FBI actions tied to alleged money laundering around World Cup sponsorship contracts.

Credit & Finance: Moody’s upgrade is being framed by Argentina’s Economy deputy minister José Luis Daza as proof Milei’s stabilization is turning into a more investable, lower-cost-credit phase—good news for businesses and households, but the same week also flags a darker counterpoint: bad consumer loans are rising for 17 straight months, with delinquencies hitting a two-decade high (Central Bank data), threatening the next growth engine. Trade & Enforcement: Argentina sanctioned two Chinese-flagged vessels with fines above 2.7 billion pesos for illegal fishing inside the Argentine EEZ, reinforcing a “zero tolerance” maritime stance. Energy & Industry: Pampa Energía approved a $2.7bn urea plant, while KBR’s ammonia technology selection points to continued buildout in Argentina’s industrial energy chain. Mining & Capital Markets: Hochschild reiterated its production outlook after Q2 cost pressure, and McEwen filed NI 43-101 technical reports for projects in Ontario and Nevada. Agro & Risk: A separate report highlights how agrochemical hazards are under scrutiny in a landmark trial, underscoring compliance pressure across the farm-to-industry supply chain.

Argentina’s fisheries governance: Argentina joined the UN FAO Port State Measures Agreement (PSMA), tightening controls to block illegal, unreported and unregulated fishing from reaching ports and markets—an important step for trade credibility in the South Atlantic. Credit and macro momentum: Moody’s lifted Argentina’s debt rating from Caa1 to B3, citing improving governance, stronger exports, and better access to external financing. Trade performance: Argentina’s June trade surplus jumped 149% year-on-year, with exports pushing record levels in June and the first half of 2026. Energy investment pipeline: Pampa approved a $2.7bn urea plant, reflecting continued industrial buildout tied to shale-linked feedstocks. Global logistics pressure: Freight is getting hit by West Asia conflict-driven delays and port congestion, with shipping shortages and higher sea freight rates raising costs for exporters. World Cup business spillover: The Spain-Argentina final drew record U.S. audiences, reinforcing soccer’s mainstream pull that boosts sponsorship and media value for the region.

Defense & Skills Boost: Argentina’s Milei government is moving to professionalize the Armed Forces with a new academic training salary supplement, adding 10% for technical degrees, 15% for undergrad and 25% for postgraduate studies. Trade & Exports: Argentina’s June trade surplus jumped 149% year-on-year, supported by stronger exports, as the country pushes record export performance into the first half of 2026. Energy & Industry Projects: Pampa Energía approved a $2.7B urea plant in Argentina, while KBR secured ammonia technology work for an Argentinian facility—both signals of continued investment momentum in chemicals and energy-linked manufacturing. Digital Payments & Cross-Border Commerce: Ant International’s Alipay+ integration connects Argentina’s national QR scheme via PVS, aiming to expand cross-border digital payments across millions of merchants. Sports Business & Media: FIFA’s World Cup 2030 rights strategy is being debated as broadcasters chase Spanish-language audience value, while Argentina’s World Cup run keeps fueling attention on the country’s football economy.