ARGENTINA – BRIEF SURVEY PES-IUP MBA SUMMER

2009

INTERNATIONAL BUSINESS

The Country Note Book Project

Argentina – Brief Survey

By: -
Chalapathy Muniyappa
Prithvi Murthy
Sumit Kumar
Tejaswini .N.Shetty
Batch 05 - MBA
Indiana University of Pennsylvania
Indiana, PA, USA

To:-
Dr. Varendar Sharma
Faculty – Indiana University of Pennsylvania
Indiana, PA, USA
Argentina - Brief Survey PES-IUP SUMMER 2009

Argentina officially called as Argentine Republic

1. Synopsis

This report will give you a brief introduction to Argentina as a country, the
natural resources and its geographical status, Argentina’s linguistic details, its people and
their culture, tradition and population, Political situation and kind of government.
An overview of country’s export & import businesses.
This report also gives an overview of Argentina’s relationship with India.
A look at GDP growth, its analysis over the past, expected future growth, market brief of
Argentina.
Argentina - Brief Survey PES-IUP SUMMER 2009

Table of Contents

Sl No Contents Pg No
1 Introduction 1-3
2 Economic environment of the country 4-10
3 Population in Argentina 10-10
4 Culture 11-13
5 Political conditions 13-17
6 Argentina Currency 18-19
7 Major product categories imported in this nation 19-20
8 International Trade policy toward importing 20-23
9 Characteristic of Argentina 24-24
10 Market Entry 25-26

11 Market for Product 26-27

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2. Introduction

Argentina comprises of almost the entire southern half of South America, It is the
second largest country in South America and also world's eighth largest country,
covering an area of 2.8 million square km. Argentina possesses some of the world's
tallest mountains, expansive deserts, and impressive waterfalls, with the diversity of the
land ranging from wild, remote areas in southern Patagonia to the bustling metropolis of
Buenos Aires in the north. Argentina borders Paraguay and Bolivia to the north, Brazil
and Uruguay to the northeast, and Chile to the west and south.

The total surface area of Argentina is 2,766,890 sq. km, of which 2,736,690 sq. km. is
land and 30,200 is water. Argentina is about 3900 km long from north to south, and
1400 km from east to west (maximum values). It can roughly be divided into four parts:
the fertile plains of the Pampas in the center of the country, the source of Argentina's
agricultural wealth; the flat to rolling, oil-rich plateau of Patagonia in the southern half
down to Tierra del Fuego; the subtropical flats of the Gran Chaco in the north, and the
rugged Andes mountain range along the western border with Chile.

The highest point above sea level in Argentina is located in Mendoza. Cerro Aconcagua,
at 6,962 m (22,841 ft). It is the highest mountain in America, the Southern, and Western
Hemisphere.The lowest point is Laguna del Carbon in Santa Cruz, −105 meters (−344 ft)
below sea level. This is also the lowest point on the South American continent. The
geographic center of the country is located in south-central La Pampa Province.

Argentina's easternmost continental point is northeast of the town of Bernardo de

Irigoyen, Misiones (26°15′S 53°38′W26.25°S 53.633°W / -26.25; -53.633 (Argentina's
easternmost continental point)), the westernmost in the Mariano Moreno Range in Santa
Cruz (49°33′S 73°35′W49.55°S 73.583°W / -49.55; -73.583 (Argentina's westernmost
point)). The northernmost point is located at the confluence of the Grande de San Juan
and Mojinete rivers, Jujuy (21°46′S 66°13′W21.767°S 66.217°W / -21.767; -66.217
(Argentina's northernmost point)), and the southernmost is Cape San Pio in Tierra del
Fuego (55°03′S 66°31′W55.05°S 66.517°W / -55.05; -66.517 (Argentina's southernmost
point)).

The country has a territorial claim over a portion of Antarctica (unrecognized by any
other country), where, from 1904, it has maintained a constant presence.

The country is traditionally divided into several major geographically distinct regions:
Pampas, ran Chaco, Mesopotami, Patagonia, Cuyo and NOA or Northwest.

The distance between India and Argentina is about 15,862kms which is equal to 9856
miles.

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Natural resources

Argentina is one of the world's major agricultural producers, ranking third worldwide in
production of honey, soybeans and sunflower seeds and is ranked as fifth in the
production of maize and eleventh in wheat. In 2007, agricultural output accounted for
9.4% of GDP and nearly one third of all exports. Soy and its byproducts, mainly animal
feed and vegetable oils, are major export commodities at 24% of the total. Wheat, maize,
sorghum and other cereals totaled 8%. Cattle-raising is also a major industry, though
mostly for domestic consumption Beef, leather and dairy were 5% of total exports.
Sheep-raising and wool are important in Patagonia, though these activities have declined
by half since 1990.

Though Argentina is now an industrial and service economy, agriculture still earns more
than half the foreign exchange.

Fruits and vegetables made up 4% of exports: apples and pears in the Río Negro valley;
oranges and other citrus in the northwest and Mesopotamia; grapes and strawberries in
Cuyo and berries in the far south. Cotton and tobacco are major crops in the Gran Chaco,
sugarcane and chile peppers in the northwest and olives and garlic in Cuyo. Yerba Mate
(Misiones), tomatoes (Salta) and peaches (Mendoza) are grown for domestic
consumption. Argentina is the world's fifth-largest wine producer, and fine wine
production has taken major leaps in quality. A growing export, total viticulture potential
is far from having been met. Mendoza is the largest wine region, followed by San Juan.
A strike by farmers, protesting an increase in export taxes for their products, began 13
March 2008 and butchers and supermarkets were among the first affected by shortages.
Following a series of failed negotiations and the 16 July defeat of the export tax-hike in
the Senate, the strikes and lockouts largely subsided.

Argentine fisheries bring in about a million tons of catch annually and are centered on
Argentine hake which makes up 50% of the catch, pollack, squid and centolla crab.
Forestry has long history in every Argentine region, apart from the pampas, accounting
for almost 14 million m3 of roundwood harvests; elm for cellulose, pine and eucalyptus
for furniture as well as for paper products 1.5 million tons are all widely harvested.
Fisheries and logging each account for 2% of exports.

Petroleum fuels, oil and natural gas are 12% of Argentina's exports. The most important
oil fields lie in Patagonia and Cuyo. A network of pipelines send raw product to Bahia
Blanca, center of the petrochemical industry, and to the La Plata-Rosario industrial belt.

Mining is a growing industry where the northwest and San Juan Province are the main
regions of activity. Coal is mined in Santa Cruz Province. Metals mined include gold,
silver, zinc, magnesium, sulfur, tungsten, uranium and particularly copper. These exports
soared from US$ 200 million in 1996 to US$1.2 billion in 2004 and to over US$ 2 billion
in 2007.

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Climate

Because of longitudinal and elevation amplitudes, Argentina is subject to a variety of

climates. As a rule, the climate is predominantly temperate with extremes ranging from
subtropical in the north to subpolar in the far south. The north of the country is
characterized by very hot, humid summers with mild drier winters, and is subject to
periodic droughts. Central Argentina has hot summers with thunderstorms (western
Argentina produces some of the world's largest hails), and cool winters. The southern
regions have warm summers and cold winters with heavy snowfall, especially in
mountainous zones. Higher elevations at all latitudes experience cooler conditions.

The hottest and coldest temperature extremes recorded in South America have occurred
in Argentina. A record high temperature of 49.1 °C (120.4 °F), was recorded at Villa de
Maria, Cordoba, on 2 January 1920. The lowest temperature recorded was −39 °C
(−38 °F) at Valle de los Patos Superior, San Juan, on 17 July 1972.

Major wind currents in Argentina include the cool Pampero Winds blowing on the flat
plains of Patagonia and the Pampas; following the cold front, warm currents blow from
the north in middle and late winter, creating mild conditions. The Zonda, a hot dry wind,
affects west-central Argentina. Squeezed of all moisture during the 6,000-meter
(20,000 ft) descent from the Andes, Zonda winds can blow for hours with gusts up to
120 km/h (75 mph), fueling wildfires and causing damage; when the Zonda blows (June-
November), snowstorms and blizzard (viento blanco) conditions usually affect the higher
elevations.

The Sudestada ("southeasterlies") could be considered similar to the Nor'easter, though

snowfall is rarely involved (but is not unprecedented). Both are associated with a deep
winter low pressure system. The sudestada usually moderates cold temperatures but
brings very heavy rains, rough seas and coastal flooding. It is most common in late
autumn and winter along the coasts of central Argentina and in the Río de la Plata
estuary.

The southern regions, particularly the far south, experience long periods of daylight from
November to February (up to nineteen hours) and extended nights from May to August.
All of Argentina uses UTC-3 time zone. The country does observe daylight saving time
occasionally.

Miles: 9820.86

Kilometers: 15804.71

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3. Economic environment of the country

Argentina has abundant natural resources, a well-educated population, an export-oriented

agricultural sector and a relatively diversified industrial base. Domestic instability and
global trends, however, contributed to Argentina's decline from its noteworthy position
as the world's 10th wealthiest nation per capita in 1913 to the world's 36th wealthiest in
1998. Though no consensus exists explaining this, systemic problems have included
increasingly burdensome debt, uncertainty over the monetary system, excessive
regulation, barriers to free trade, and a weak rule of law coupled with corruption and a
bloated bureaucracy.

Record foreign debt interest payments, tax evasion and capital flight resulted in a balance
of payments crisis that plagued Argentina with serious stagflation from 1975 to 1990.
Attempting to remedy this, economist Domingo Cavallo pegged the peso to the U.S.
dollar in 1991 and limited the growth in the money supply. His team then embarked on a
path of trade liberalization, deregulation and privatization. Inflation dropped and GDP
grew by one third in four years; but external economic shocks and failures of the system
diluted benefits, causing the economy to crumble slowly from 1995 until the collapse in
2001. That year and the next, the economy suffered its sharpest decline since 1930.

By 2002, Argentina had defaulted on its debt, its GDP had shrunk, unemployment
reached 25% and the peso had depreciated 70% after being devalued and floated.

In 2003 expansionary policies and commodity exports triggered a rebound in GDP. This
trend has been largely maintained, creating millions of jobs and encouraging internal
consumption. The socio-economic situation has been steadily improving and the
economy grew around 9% annually for five consecutive years between 2003 and 2007
and 7% in 2008. Inflation, however, though officially hovering around 9% since 2006,
was privately estimated at 12-15% that year and over 15% in 2008, becoming a
contentious issue again. The urban income poverty rate has dropped to 18% as of mid-
2008, a third of the peak level observed in 2002, though still above the level prior to
1976. Income distribution, having improved since 2002, is still considerably unequal.

Argentina faces slowing economic growth in light of an international financial crisis. The
Kirchner administration responded at the end of 2008 with a record US$32 billion
public-works program for 2009-10 and a further US$4 billion in new tax cuts and
subsidies. Kirchner has also nationalized private pensions, which required growing
subsidies to cover, in a move designed to shed a budgetary drain as well as to finance
high government spending and debt obligations.

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Industry

The Yacyretá Dam hydroelectric complex is the second largest in the world
Manufacturing is the nation's largest single sector in the economy with 21.5% of the
GDP in 2007 and is well-integrated into Argentine agriculture, accounting for nearly
two-thirds of exports in all, with half the nation's industrial exports being agricultural in
nature. Leading sectors by production value are: food processing, chemicals and
pharmaceuticals, motor vehicles, farming equipment & auto parts, iron, steel &
aluminum, petroleum, as well as home appliances and industrial machinery.

Other manufactured goods include textiles & leather, plastics & tires, forestry products,
publishing, cement, glass and tobacco products. Nearly half the nation's industries are in
and around Buenos Aires although Córdoba and Rosario are also home to significant
industrial centers. Construction permits nationwide neared 19 million m² (200 million ft²)
in 2006 and the sector is 6% of GDP. Two-thirds of this total was residential
construction.

Argentina produces electricity in large part through well developed natural gas and
hydroelectric resources. Nuclear energy is also of high importance and the country is one
of the largest producers and exporters, alongside Canada and Russia, of Cobalt-60 which
is a radioactive isotope widely used in cancer therapy.

Service Industries

Well-known for its productive agriculture, Argentina also benefits from a well-developed
service sector

The service sector is the biggest contributor to total GDP, accounting for 58%. Argentina
enjoys a diversified service sector, which includes well-developed social, corporate,
financial and insurance, real-estate, transport and communication services, as well as
vigorous commercial and tourist trades.

The telecommunications sector has been growing at a fast pace with an important
penetration of mobile telephony (more than 75% of the population), the Internet (with
more than 16 million people online), and broadband services (4.1%). Regular telephone
services (with 9.5 million lines) and mail services are robust.

Tourism is increasingly important and provided 8% of economic output (over US$20

billion) in 2006. Argentines, who have long been active travelers within their own
country, accounted for over 80% of this - though growing international tourism (4.2
million visited Argentina in 2006) contributed almost US$3.4 billion that year. Stagnant
for over two decades, domestic travel has increased robustly in the last few years and
visitors are flocking to a country seen as affordable, exceptionally diverse, and safe.
Cosmopolitan Buenos Aires, Rosario and the ocean-fronts of Mar del Plata & Pinamar,

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the Iguazu Falls, colonial Salta & Jujuy are rich in indigenous culture. The scenic
foothills of Córdoba, the wineries of Mendoza, the ski slopes and lakes near Bariloche,
the grottoes at San Antonio Oeste, Perito Moreno Glacier and Tierra del Fuego are
among the nation's best-known tourism resources.

Commercial policy

• Market Overview
• Import and Export Policies

Market Overview

There is a distinguished bilateral commercial history that the Argentina shares, with new
opportunities for future trade and investment. The United States is Argentina’s third
largest trading partner (after Brazil and China), and the Argentine Government
Investment Agency recently cited the U.S. as the "most active" country investor in
Argentina.

The U.S. maintains a trade surplus with Argentina: In 2008 the U.S. exported nearly $6
billion in goods to Argentina. The U.S. imported $5.6 billion in goods (mostly
commodities) from Argentina.

U.S. investment in Argentina makes a large contribution to the economy: Over 500 U.S.-
based companies are currently operating in Argentina, and employ over 155,000
Argentines. U.S. investment in Argentina totals over $13 billion and is concentrated in
the energy, manufacturing, information technology, and financial sectors.

Import Policy of Argentina

The import of following used commodities are prohibited:

Spare parts, Medical supplies, Automobiles, Motorcycles, Clothing, Tires, Boats,

Dangerous residues (chemicals), Certain toxic substances contained in pharmaceutical

products, cosmetics and toys, Certain food additives and colorants, Products containing
polychlorinated biphenyl's (PCB's), Asbestos fibers of the Amphibole and Chrysotile
variety and products containing these fibers are few other products that are not imported.

Currently the Government of Argentina imposes quotas for the importation of peaches,
white glasses for corrective spectacles, automobile parts, paper, pulp and footwear.

Pharmaceuticals, chemical products, insecticides, veterinary products, medical devices,

cosmetics, agricultural products, textiles and defense material require various approval
prior to import from various regulatory agencies.

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All goods shipped to Argentina must have a value and description. The value is usually
based on the transaction value between the shipper and the importer, what the sale value
of the goods was. If no actual transaction has taken place, such as with samples or a no
charge shipment, a value must still be assessed; this would be the fair market value or
replacement value. Non-tangible items such as business documents, accounting
documents, etc. must also be assessed a value, but this should be based on the value of
the paper. All imported goods are subject to an ad valorem duty that is based on the cost
of the goods, plus insurance and freight (CIF). Alcoholic beverages, tobacco, soft drinks,
syrups, extracts, concentrates and consumer electronic products are subject to luxury and
excise taxes.

Import Taxes

• 0.5 percent statistics fee on the CIF value (except capital goods). This tax is not
applicable for MERCOSUR member countries.

• Depending on the product, either 21 or 10.5 percent value added tax (VAT) on
the sum of the CIF value, tariff and statistics fee.

• Depending on the product, either 10 or 5.5 percent advanced VAT on the sum of
the CIF value and statistics fee on all goods imported for resale (goods imported
by the end-user are exempt).

• 3 percent anticipated profits tax on all retail goods (goods imported by the end-
user are exempt).

Customs Fees
A $10.00 USD single fixed customs fee is assessed per transaction entered using the
Sistema Informatico Maria (SIM). Merchandise imported using the Simplified Import
System is exempt from this fee.

Export Policy of Argentina

All commodities that are prohibited from importing into Argentina are prohibited from
exporting as well.

Exporting from Argentina requires knowledge of the commodity, the proper

documentation and export compliance. The value of the goods, destination of the
shipment and if the goods are controlled, prohibited or regulated will determine the
specific export requirements.

Commodities exported from Argentina are subject to duties, which range from 5% to
20% (they vary per product type)
Argentina has been a member state of the United Nations since October 24, 1945, and as
such honors any import or export sanctions imposed against designated countries under

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the United Nations Act 1946.

Exporters should be registered with the Department of Trade and Industry (DTI) or the
Securities and Exchange Commission (SEC): with the city or the municipality where the
business will operate, as well as with the Bureau of Internal revenue.

Export documentation requirements vary on the type of goods being exported. Goods that
are controlled or restricted for export may require licenses or specific certifications in
addition to an air waybill and commercial invoice.

Certain commodities may be subject to export controls, which may require

additional documentation such as:

• Export Licensing for Dual Use Goods (goods that may be used in either
military or civilian application)

• Sanitary, phytosanitary or safety standard certification for products such

as meat, seeds, fruit, vegetables and marine goods.

• Additional products that are controlled for export include psychotropic

substances and endangered fish and wildlife species.

*Reference 1

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Unemployment rate in Argentina.

Economic environment of the country and its future.

Argentina's economy is booming. The recovery gathered pace throughout last year and
the GDP has expanded at an annual rate of 11%. What makes this growth remarkable is
that only two years ago Argentina was in chaos. In 2001 it suffered its worst economic
collapse in more than a century. After a slow start, recovery of the Argentine economy
has been faster than many expected.

The current economic environment has improved, as compared to past few years where
they had huge amounts of debt to be repaid. There is no reason to believe that Argentina
cannot repay the modest debt that they have as of now.

As we see from the inflation graph, inflation has been decreasing steadily in the last few
years. Also the unemployment rate is decreasing, which is a good sign for the economy
as a whole.
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The educational level of the Argentines is good and resources are abundant. Argentina
should therefore be able to better integrate in the world economy and become an
important player, at least in the continent.

However, Argentina, as the rest of Latin America, still is largely a commodity exporter
(meat, soy beans etc.). The big challenge for Argentina is to follow the example of
countries like Chile or Mexico, which through intelligent industrial policy managed to
move up the production chain.

4. Population in Argentina.

40,913,584 at closing of July 09

Age structure: 0-14 years: 25.6% (male 5,369,477/female 5,122,260)

15-64 years: 63.5% (male 12,961,725/female 13,029,265)
65 years and over: 10.8% (male 1,819,057/female 2,611,800)

Population growth rate: 1.053%

Sex ratio: at birth: 1.05 male(s)/female

under 15 years: 1.05 male(s)/female
15-64 years: 1 male(s)/female
65 years and over: 0.7 male(s)/female
total population: 0.97 male(s)/female

Life expectancy at birth: total population: 76.56 years

male: 73.32 years
female: 79.97 years (2009 est.)

Literacy: definition: age 15 and over can read and write

total population: 97.2%
male: 97.2%
female: 97.2% (2001 census)

Geographic distribution of population

The current population in Argentina is 40,913,584 (2009). The population is distributed

quite unequally amongst the states. The city of Buenos Aires and province have the
highest concentration of population at 3,042,581 and 15,052,177 respectively. The least
populated area is Santa Cruz at 225,920 the remaining population is distributed amongst
the other 21 states.

*Reference 2

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5. Culture

The culture of Argentina is as varied as the country's geography and mix of ethnic
groups. Modern Argentine culture has been largely influenced by European immigration
although there are also some American and African influences, particularly in the fields
of music and art. Buenos Aires and other cities show a mixture of architectural styles
imported from Europe but in the case of older settlements, and of older preserved
neighborhoods within cities, modern styles appear mixed with colonial features, relics
from the Spanish-ruled past. Museums, cinemas and galleries are abundant in all the
large urban centers, as well as traditional establishments such as literary bars, or bars
offering live music of a variety of genres.

• Cinema and theatre

• Music
• Painting and Sculpture
• Sports
• Language
• Food
• Literature
• Spare time
• See also
• References

Values

Argentinean Family Values, the family is the centre of Argentine life with extended
families still having prominence the heads of powerful families command widespread
respect, but with this comes a responsibility to care for others in terms of security, jobs,
etc and to maintain personal and family honors. Honor is in all respects the be all and end
all and it routinely affects day-to-day life at home, in the community and in business.

Consumption patterns

Argentina’s food drink report provides intelligence on the Argentina’s food and drink
industry. The GDP growth in Argentina for the last 5 years has seen a rise of 8% growth
due to consumer spending behaviors and the increase in prices of the commodities.
However the 5 year boom is over and government’s current attempt to manage the
economy by its fiscal policy has led to forecast by BMI, that predicts Argentine economy
will grow only by 0.6% in 2009 and will contract to 0.9% by 2010. This is expected to
have an impact on consumer buying pattern in food and drink department.
Also the reduction in export has had an impact throughout the business sector, also
damaging consumer’s confidence. This has obviously led to consumer spending pattern,
that inturn has shown signs of slowdown in inflation. In November Argentina’s inflation
rate fell to 7.9%, the lowest in 4 years.

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The Argentine president, in response to this has announced a package of $3.8 bn of low
cost loans to boost customers demand and also to help exporters of the country.
However, if the present economic situation does not improve, the measures taken would
be of no use to prevent contracting consumer demands.

The change in patterns of consumer demand not only slows the sales growth, but there
will be a rise in need for lower priced goods. This might also lead to reduction in demand
for alcohol, soft drinks. Therefore food consumption has increased at a decreased growth
rate in 2008 expected to continue till 2013.

*Reference 3

Argentina: Customs and Lifestyle

Diet and Eating

Argentines consume beef more than any others in the world. Argentina being a major
beef producer, and therefore cost is low enough for people to eat beef on a daily basis,
and many people eat Popular foods such as baked stuffed beef and empanadas, which are
pies made with meat or vegetables. A preferred winter stew is locro, made of meat, corn,
and potatoes. The government and health officials are encouraging people to consume
beef at lesser rate for health reasons. Maté is the preferred hot tea. Italian and French
foods are widely available.

Traditionally the main meal is eaten at afternoon, but nowadays those working in cities
have it in the evening, usually after 9 PM. Argentine eating habits and table manners
have been influenced by their European origins. For example, hands should be kept
above the table. Restaurant waiters can be summoned with the index finger extended.
Eating on streets or in public transport is considered inappropriate.

Recreation

Football is the national sport which is watched and like by youth and adults as well.
Other popular sports are horse racing, rugby, field hockey, tennis, polo, and basketball.
The Colón Theatre, a opera house, is located in the capital, and there are many theatres,
restaurants, and clubs. The tango and ballroom dance, originated in Argentina.

Holidays and Celebrations

Holidays in Argentina are generally spent with their family. New Year’s Day is
celebrated on 1 January with fireworks. Maundy Thursday, the Thursday before Easter,
celebrates Jesus Christ’s Last Supper—maundy is derived from the word “mandate”.
Argentines also celebrate Good Friday (the Friday and Easter Sunday).

Malvinas Day, on 2 April, remembers the failed Argentine attempt to recover the
Falkland Islands from British rule. This brief war was fought in 1982. Labour Day is

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recognized as others on 1 May. Argentina declared its independence from a Spanish

colonies on 25 May 1810, but did not declare independence from Spain until 9 July
1816. These two dates are now celebrated as National Day and Independence Day
respectively. Flag Day is observed on 20 June. .

*Reference 4

Languages

Spanish is the dominant language of Argentina. There are 40 other languages that include
native and other immigrant languages; two languages are extinct and others are almost
not used by anyone, spoken by elderly people whose sons or daughters do not speak the
languages.

The other languages that are spoken in Argentina include, Italian, German, Levantine
Arabic.

Few more languages of Argentina include:

Aymara,Caiwá , Chiriguano , Chiripá , Chorote , Chulupi , Guaraní , Mapudungun ,

Wichí (Wichí Lhamtés) , Mocoví , Nivaclé , Pilagá , Quechua , Tapieté , Toba & Kaiwá .

Severely endangered or nearly extinct languages; Ona, Puelche, Tehuelche & Vilela

6. Political conditions

Argentina's political system is a presidential representative democratic republic, in which

the President of the Argentine Nation is both head of state and head of government,
complemented by a multi-party system. The current president is Cristina Fernández de
Kirchner, with Julio Cobos as vice president.

The Argentine Constitution of 1853 separates powers into executive, legislative, and
judicial systems at the national and provincial level. Executive power resides in the
President and the Cabinet. The President and Vice President are directly elected to four-
year terms and are limited to two terms. Cabinet ministers are appointed by the president.

Legislative power is vested in the National Congress or Congreso de la Nación,

consisting of a Senate (Senado) of seventy-two seats, and a Chamber of Deputies
(Cámara de Diputados) of 257 members. Senators serve six-year terms, with one-third
standing for reelection every two years. Members of the Chamber of Deputies are
directly elected to four-year term via a system of proportional representation, with half of
the members of the lower house being elected every two years. A third of the candidates
presented by the parties must be women.

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The judiciary is independent of the executive and the legislature. The Argentine Supreme
Court of Justice has seven members who are appointed by the President in consultation
with the Senate. The rest of the judges are appointed by the Council of Magistrates of the
Nation, a secretariat composed of representatives of judges, lawyers, the Congress and
the executive.

Argentina is a member of an international block, Mercosur, which has some legislative

supranational functions. Mercosur is composed of five full members: Argentina, Brazil,
Paraguay, Uruguay and Venezuela. It has five associate members without full voting
rights: Bolivia, Chile, Colombia, Ecuador and Peru.

Upheavals

Despite the recent military coup against Manuel Zelaya, Hondurans will most likely elect
their next president by the end of 2009. This might end the crisis that led to the coup. But
elections will not fix all of Honduras’ political ills. Honduras must also address the
decline in the quality of democracy that predates the current crisis, or else it will remain
dangerously susceptible to more breakdowns.
On the surface, Honduras prior to this crisis appeared to have moved steadily toward
strengthening democracy. From 1982 to 2008, Honduras held seven consecutive civilian
elections followed by uninterrupted presidential terms. Honduras also seemed to have
tamed its military by the mid-1990s, as civilian leaders had reined in military spending
and the military’s political veto power.
The current crisis in Honduras is a stark reminder that democracy entails more than free
and fair elections and a military that answers to civilian authority—crucial as these may
be. Democracies must also expand the rule of law, citizens’ access to the justice system,
state guarantees of civil and political rights, and protections for political minorities.
These added aspects of democracy help democracy deliver positive development
outcomes and ensure citizens’ political satisfaction. In Honduras, these added aspects
were faltering prior to the recent constitutional crisis.
The immediate cause of the June coup was clearly the inability of democratic institutions
to rein in a president who was violating the law. The military compounded the problem
by expelling the president. But the longer-term problem was a decline in the quality of
democracy, which was hampering the political system’s ability to protect citizens and
spread prosperity. Poverty remains rampant, corruption pervasive, and crime has gotten
worse. In addition, inequality in this vastly unequal society increased during several
years in the last decade. And in surveys we have conducted in rural areas, people often
report feeling abandoned by an incapable or absent state.
Honduras’ low quality of democracy has produced disenchantment. Data compiled by the
Latin American Public Opinion Project (LAPOP) in 2008 shows that less than half of
Honduras’ population expressed confidence in the Congress, the judiciary, or the
Presidency. Tellingly, Hondurans reported greater trust in the military than in any other
national political institution. In terms of state legitimacy and citizens’ political tolerance,
Honduras ranked last after Haiti.

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Political behavior has changed, as well. Honduran voters used to go to the polls, virtually
without fail, to vote for one of the two dominant right-of-center parties. In recent
elections, turnout dropped along with party identification. Discontent with the two
dominant political parties was rising, but no clear alternative was emerging. The political
system was becoming a rudderless ship. Because of these trends in attitudes and
behaviors, LAPOP went as far as to dub Honduras in 2008 as a ‘democracy at-risk’, a
claim that now appears prescient.

This precarious pre-coup situation suggests that Honduran democracy may not be
immune to future threats, even if the current crisis eases. As with humans and viruses, all
democracies in developing countries are susceptible to a wide array of potential assaults:
overzealous presidents, drug lords capturing the state, corrupt politicians in congress,
executive-legislative deadlock, and ruling parties in disarray. But democracies with low
quality institutions are least likely to survive these assaults, let alone resolve them
legally. The current crisis may very well abate with the upcoming election, but Honduras,
under the best short-term scenario, will still remain vulnerable to future viral attacks.

Relationship with India

The current status and the agenda of the Doha Round multi-lateral negotiation was
discussed on the 9th and 10th of June in between the Argentine Secretary of Trade and
International Economic Relations, Ambassador Alfredo Chiaradía and the Indian
Commerce Secretary, Mr. Gopal Pillai in Buenos Aires. It was agreed upon by both the
Secretaries about the importance of concluding the multi-lateral negotiation as soon as
Possible in line with the Doha Development Mandate and to liberalize and expand trade
especially in goods and services of special interest to developing country members. It
was also agreed that an early conclusion of the Doha Development Round would also
reinforce the multilateral trading system. The need to correct the current imbalances
observed in the negotiating text, particularly in the key areas of agricultural and non-
agricultural market access goods (NAMA) were given more importance in order to reach
this goal. They also noted the key role played by the G-20 and the NAMA-11 groups of
developing countries of which both India and Argentina are members.

Both sides agreed that a substantial reduction in the overall trade distorting subsidies
(OTDS) should be achieved so as to eliminate the possibility available to developed
country members; especially the United States and the European Union, of increasing
currently applied support levels. Also it was taken care that the green box payments are
budget neutral and that no distorting subsidies are transferred to the green box. Regarding
market access, both sides stated that the linear percentage of a minimum 54 percent of
average tariff cut proposed for developed countries in the chairman’s text should be
respected as also the granting of a significant expansion of tariff rate quotas for sensitive
products, which should be transparent and explicit.

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In relation to non-agricultural goods, it was agreed neither India nor Argentina would be
willing to an agreement that disregards the Doha mandate. Both sides also reiterated that
a final agreement should respect special and more favorable treatment for industrial
sectors of developing countries and which was clearly spelled out in the nature of
additional and adequate flexibilities for their sensitive and vulnerable industrial sector.
Both sides also stressed on compliance with paragraph 24 of the Hong Kong Ministerial
declaration which called for a balanced outcome in market access for agriculture and
NAMA.

Secretaries Pillai and Chiaradía called for restoration of the balance in the negotiations,
respecting the principle of less than full reciprocity. Only such a balance would make it
possible for both India and Argentina to approve the modalities and enter the final stage
of the Doha Development Round. They urged the developing countries to show the
necessary political will towards restoring this balance and to reciprocate the important
contribution that developing country members are making to the Round and the WTO-
based multilateral trading system.

Impact of terrorism on their attitude toward India & Indian products

The relationship between India and Argentina has been good in the past and will continue
to be so.

The Indian textile industry has been largely benefited by the global financial crisis.

Argentina is eyeing investments into India’s textile industry and 34 Indian companies
received orders at the recently concluded exhibition and buyer and seller meet in Buenos
Aires.

R Viswanathan, who is the Indian ambassador to Argentina, Uruguay and Paraguay, told
FE that, “Everyone is concerned about the international financial downturn. There is lack
of credit, liquidity has decreased. A textile delegation of 34 companies sponsored by all
the textile promotion councils of India, which was recently in that country, received
orders from the Argentine companies. Our textile exports in 2008 were $90 million
dollars, but we are hoping to increase it to $300 million in the next three years.”

Since the companies need innovative strategies to reduce the production costs and be
more competitive, the Argentine textile industry expressed keenness to explore
partnership with the Indian textile industry, said Viswanathan.

According to the envoy, during the buyer-seller meet at the end of April, the businessmen
from the Argentine textile industry took the opportunity to explore possibilities of
imports, exports and collaborations to succeed in the argentine market, the gigantic
Indian market, and also in the global markets.

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India’s exports to Argentina have gone up by 28%in 2008—$492 million in 2008—from

$384 million in 2007. India’s imports from Argentina in 2008 were $836 million as
against $859 million in 2007, he said.

Argentina is the third largest market of Latin America after Brazil and Mexico and is
well integrated in Mercosur. And there is there is a good potential of cooperation
between India and Argentina in the manufacturing sectors.

Argentina’s industrial production includes automobiles, steel, aluminum, paper, sugar,

PVC and polyethylene in which India also has strong manufacturing base and
technological capabilities.

Preferential Trade Agreement (PTA) with Mercosur, of which Argentina is a member, is

expected to facilitate greater market access of Indian products in Argentina.

Besides exports, there is good scope for Indian investment in Argentina in sectors such as
petroleum, mining, manufacturing, information technology, agriculture, forestry, etc.

According to FICCI officials, Indian companies are acquiring companies in Argentina

and also setting up manufacturing bases there to create greater market.

By looking at recent increase in exports and the interest shown by the Argentine
government in Indian industries, we can say that terrorism has not had a great impact on
Argentine’s attitude toward India and Indian products.

*Reference 5

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7. Argentina Currency

The currency in Argentina is the "peso" and it is subdivided in 100 cents.

• Coins
• Bills
• Cash Machines or ATMs

Coins
There are 1 cent, 5 cents, 10 cents, 25 cents, 50 cents and 1 peso coins. The 5, 10, 25 and
50 cent coins have two versions: silver plated and golden.

Bills
Paper money comes in denominations of: $2, $5, $10, $20, $50 and $100. There are two
versions for the $2, $5, $10 y $20, the version with the old design is still in circulation.

Cash Machines or ATM's

Cash machines are used by everybody and there are plenty around the city. Every bank
has cash machines linked to international networks such as a Cirrus, Plus, MasterCard,
Visa, Maestro, Citibank and others. Simply look for the companies’ logos on bank
windows and in cash machine booths.
Money Exchange or Foreign Exchange

The best option for exchanging money is a bank (banking hours are 10am to 3pm). There
are also many Currency Exchange Bureaus and most hotels exchange money as well. In
certain areas of the city it is common to see people on the streets offering money
exchange at better rates, but even if it seems tempting, DO NOT ACCEPT, most are
fakes. Some businesses and hotels accept dollar bills and usually don't have problems
giving change back in pesos, but the rate is always lower than banks.

Currency Fluctuations and Current exchange rate

The currency fluctuation of Argentine Peso with respect to dollar in 2009, 2008, 2007
were 3.71, 4.36 and 3.13 respectively.

With respect to euro in 2009, 2008, 2007 were 5.50, 4.11 and 4.34 respectively.

*Reference 6

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Future exchange over next six months

With the central bank having intervened repeatedly over the past year to prevent the peso
from sharp depreciation caused by a series of international and local crises, speculation
has run hot that the currency could be more actively depreciated in the second half of
2009.

After the crucial mid-term election of June 28, some have argued that the political
pressure to maintain a stable currency and avoid another bout of Argentine financial
instability would give way to the competitive pressure to depreciate the peso more
aggressively.

The gentle day by day erosion is expected to see the US dollar reach 3.90 to 4 Argentine
pesos in the coming six months, which has been the ongoing demand of Argentina’s
exporters.

*Reference 7

The Peso is set to depreciate both against Euro and Dollar over the next six months.

8. Five Major product categories imported in this nation:

1) Machinery, 2) motor vehicles, 3) petroleum and natural gas, 4) organic chemicals, 5)

plastics are the major commodities of import

*Reference 8

Attitude of locals towards Indian & Indian products & services

There is good scope for Indian investment in Argentina in sectors such as petroleum,
mining, manufacturing, information technology, agriculture, forestry, etc.

Indian companies are acquiring companies in Argentina and also setting up

manufacturing bases there to create greater market access of Indian products. There are
Ten Indian Companies, which have established operations in Argentina. They provide
employment to about 1300 Argentines. (Six of them are in IT, two in agro-chemicals, one
in pharma and one in mining). The locals accept the job opportunities being created by
Indian companies. Few Indians are also buying lands in Argentina for agricultural
purposes.

However, the fear of ‘invasion’ of cheap imports from India is real. They fear that cheap
Indian goods may harm domestic Argentine producers. On the other hand, Argentines
know that a country like India has many mouths to feed. Therefore, Argentines are eager
to take full advantage of international trade.

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Negative stereotyping toward Indian products

While a number of Indian pharmaceutical companies have already made their presence
felt in the major global pharma markets including the highly regulated US and European
markets, they are not yet recognized in Argentina, whose pharma market is estimated to
be around $2 billion.

This is because Argentinean health authorities do not recognize India as a manufacturing

location for formulations (finished dosage). Ironically, while a few of Argentinean
companies import Active Pharmaceutical Ingredients (API) (raw material used for
making formulations), Indian pharma companies are still prohibited to export the finished
dosage forms.

Indian pharma companies including Ranbaxy Laboratories, Dr Reddy’s, Cipla, Cadila

and Torrent have presence in other Latin American regions apart from the highly
regulated markets including the US and Europe, but the lack of recognition of finished
dosage from India by Argentinean health authorities has kept them out of that market.
Only a few Indian companies are present in that market, albeit in a very small way and
that too exporting only intermediates.

A few years back, Argentinean health authorities categorized countries into Annexure I
and Annexure II. The countries listed under Annexure II have to get their manufacturing
plants inspected from ANMAT (the regulatory body under Argentina’s ministry of
health); On the other hand, the countries listed under in Annexure I can register their
pharmaceutical products directly without any inspection of manufacturing plants by
ANMAT.

The problem for Indian companies is that India does not feature in either of the annexure
and it makes it impossible for the Indian companies to enter the Argentinean market with
their formulations.

*Reference 9

9. International Trade policy toward importing

Argentina has recently become one of the most open economies in the world, with a
policy that concentrates on idea of liberalized international trade.

By reducing high tariff rates and eliminating most non tariff barriers, Argentina has taken
a positive step toward eliminating the discriminatory bureaucratic system.

This bureaucratic system earlier had helped a small number of local beneficiaries, while
blocking international trade.

*Reference 10

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All importations are entered under Informal Entry or Formal Entry except the following,
which may be entered duty and tax- free:

1. Importations for the official use of foreign embassies, legations and other
agencies of foreign governments.

2. Importations for the personal and family use of the members and attaches of
foreign embassies

3. Miscellaneous articles that are exempt by law or process

Import Duties
All imported goods are subject to an ad valorem duty that is based on the cost of the
goods, plus insurance and freight (CIF).

Customs Valuation

All goods shipped to Argentina must have a value and description. The value is usually
based on the transaction value between the shipper and the importer, what the sale value
of the goods was. If no actual transaction has taken place, such as with samples or a no
charge shipment, a value must still be assessed; this would be the fair market value or
replacement value. Non-tangible items such as business documents, accounting
documents, etc. must also be assessed a value, but this should be based on the value of
the paper.

Excise Duties

Alcoholic beverages, tobacco, soft drinks, syrups, extracts, concentrates and consumer
electronic products are subject to luxury and excise taxes.

Import Taxes

In addition to the tariffs, imported goods are subject to additional fees and taxes such as:

• 0.5 percent statistics fee on the CIF value (except capital goods). This tax is not
applicable for MERCOSUR member countries.

• Depending on the product, either 21 or 10.5 percent value added tax (VAT) on
the sum of the CIF value, tariff and statistics fee.

• Depending on the product, either 10 or 5.5 percent advanced VAT on the sum of
the CIF value and statistics fee on all goods imported for resale (goods imported
by the end-user are exempt).

• 3 percent anticipated profits tax on all retail goods (goods imported by the end-
user are exempt).
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Registration Requirements

Companies wishing to import products into Argentina must be registered in the National
Registry of Importers and Exporters.

Companies wishing to import through an optional customs clearance method established

by Decree 161/99 and Resolution AFIP 503/99 called the "Simplified Importation
System" must provide the the companies tax payer number known as the Clave Unica de
Identification Tributaria [CUIT]. Commercial shipments consigned to, or shipped from
[when exporting from Argentina] private individuals must provide the Clave Unica de
Identification Laboral [CUIL] number.

Argentina’s import prohibitions

The following commodities are prohibited into Argentina:

Used products such as:

o Spare parts

o Medical supplies

o Automobiles

o Motorcycles and Velocipedes

o Clothing

o Tires

o Boats

• Dangerous residues (chemicals)

• Certain toxic substances contained in pharmaceutical products, cosmetics and

toys

• Certain food additives and colorants

• Products containing polychlorinated biphenyl's (PCB's)

• Asbestos fibers of the Amphibole and Chrysotile variety (Crocidolite, Amosite,

Actinolite, Antofilite and Trimolite) and products containing these fibers.

Argentina’s import restrictions

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 Human corpses, human organs or body parts, human and animal embryos,
or cremated or disinterred human remains.

 Explosives

 Firearms and weapons

 Perishable foodstuffs and foods and beverages requiring refrigeration or other

environmental control

Live animals (including insects) except via the Live Animal Desk (1.800.405.9052)

 Plants and plant material, including cut flowers

 Lottery tickets and gambling devices wherever prohibited by local, state, provincial or
national law

 Collectible coins and stamps

 Pornographic and/or obscene material

 Hazardous waste such as used hypodermic needles or syringes or other medical waste

 Dangerous goods except as permitted under the Dangerous Goods section of these
terms and conditions

-Packages that are wet, leaking or emit an odor of any kind.

Easily importable products

Textile, Motor vehicles, Cell phones, Computers and related accessories, organic
chemicals, equipments & machinery, electronics, synthetic fibers, automobiles, iron &
steel, plastics, dyes & paints, cotton, and pharmaceuticals, Marine Products, Edible Nuts
& Fruits, Products of Milling Industry, Cocoa & Cocoa Preparations, Proceed Food
Items, Photographic or Cinematographic Goods, Wood & Articles of Wood, Cork &
Articles of Cork, Wood and Wood Products, Cotton, Knit & Woven Apparel, Other
Textiles updates, Footwear, Aluminum Aircrafts, Toys & Games, Animal and
vegetable oils and fats.

*Reference 11

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10. Other important Characteristic of Argentina

The characteristic that we thought was important to analyze is the passion for sports in
the country, especially Football.

Every weekend Argentina responds to this multitudinous passion for football by filling
up all the stands in every stadium. Soccer is the national sport beyond excellence. Song,
drums, trumpets, flags and hair band make the Argentine soccer an unrepeatable show in
the world.

There is no doubt that the most anticipated game by Argentine people and the tourists
that visit the country, is the game between Boca Juniors and River Plate (the most
important teams in Argentina). That day the country comes to a stand still: tickets out of
stock, bars crowded with fans and the mood of almost half of country depends of the
result of the match. The English newspaper ‘The observer’ published that, according to a
survey, this match was considered one of the “50 sporting events that a person should
experience before dying”.

Argentine teams have a different mystic than the rest of America and Europe. Passion,
spirit, technique and “potrero” help Argentine soccer to gain the respect of the most
important teams of the world and several argentine players are playing in different
countries around the world.

Talking about the National Team, Argentina won two World Cups (1978 and 1986) and
obtained the gold medal in the Olympic Games in Athens 2004. In 2000, according to a
pool in FIFA website, the argentine player Diego Armando Maradona was chosen as the
best player in 20th century. Diego Maradona is considered as the National Icon and most
Argentines believe that he was the best footballer ever, even better than the great Pele.

The way this sport is experienced in the country is a great example of the character of the
Argentine man and woman: passionate and proud. The jersey has to be perspired, soccer
is grit, life, and heart, and this is the way it is felt in Argentina. Only eleven are on the
field, but 37 million actually play.

*Reference 12

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11. Market Entry – Through an intermediary.

We would enter the Argentine market through an Intermediary. Selling to departmental

stores, chain stores through an intermediary, is a good option.

Majority of agency and distribution agreements are flexible and can be negotiated
individually. Most key Argentine importers are based in Buenos Aires, although a few of
the larger organisations have branches in the provincial cities of Córdoba, Rosario and
Mendoza. They generally opt for a network of distributors supported by travelling sales
staff and rely on periodic visits from the provincial buyers to their Headquarters
showroom in Buenos Aires.

Before establishing any formal agreements, it is important that we as Indian exporters

analyze the sales coverage strategy of our potential representative. It is normal, but not
compulsory, to give sole rights for the whole of the country to one agent. This may
initially be agreed for one year with a performance-tied option to extend for a longer
period.

It is strongly advised that, as exporters, we visit the market regularly. Such visits are
invaluable to us to gain an appreciation of local market conditions, to oversee the work
and support their local representative.

Local procedures vary from product to product and at times, are complex. It is always
better to take the suggestion of the Intermediary on our product about invoicing and
document requirements to avoid further delays and problems.

Generally, the following documents are required for freight shipments to Argentina:

• Commercial invoices, in copies of four.

• Original bill of lading, airway bill or parcel post receipt (depending on the means
by which the goods are sent).
• Packing list
• Certificates of origin, stamped by the Argentine Consulate in London are required
for many products, for example textiles, clothing and all those items subject to
specific duties.

Few rules to follow after entering the market through an intermediary

-Locate a distributor or representative

-Have a long-term perspective

-Have a personalized approach

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-Be attentive to service and delivery

-Provide fair credit terms

-Protection of trademarks and other intellectual property

-Have a representative who is well versed in Spanish language

-Furnish materials in Spanish

Between high fashion products and mass market products, there is an opportunity for
emerging markets which may be exploited by the Indian exporters.

*Reference 13

12. Market for Product

The product that we have chosen to export to Argentina is Fiber textiles.

Following are the reasons-

The textile sector has shown significant growth since 2002. During 2004, the textile
sector grew 75 percent, the highest growth recorded for any industry sector in the
Argentine economy that year. This continued through 2005 & 2006 due to consumption
booms, driven by increased purchasing power and rapidly growing inflows of tourists
buying Argentine textile and apparel products.

The total Argentinean textile market is estimated to be worth US$ 12 Billion. The
clothing industry of Argentina is expected to grow at a steady rate in the coming years in
view of the growing demand for high fashion garments and its exports and the dynamic
local retail sector consisting of local and foreign players. Argentina’s clothing
preferences have changed. They are more oriented towards designs and brand names
which are important, especially to the younger generation who are influenced by the US
life styles and friends.

The Argentinean textile and garment industry though self sufficient to an extent still
heavily depend upon import of synthetic fibers and fabrics. According to the local
designer and trendy retail stores, Buenos Aires is emerging as the fashion capital of the
South American region.

According to the Argentine Apparel Industrial Chamber, annual production of clothing

items is valued at US$2.27 billion. The sector boasts about 11,600 manufacturing and
design companies and 30,100 retail stores. The economical apparel sector reaches annual
sales of about US$ 5 billion per year, and this figure is expected to rise.

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ARGENTINA – BRIEF SURVEY PES-IUP MBA SUMMER
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The overall Argentina market for textiles and clothing import was valued at over US$
911.55 million during 2005. MMF (Man Made Fiber), Textiles & Cotton covered under
constitutes majority of imports.

Argentina is one of the fastest growing markets for Indian MMF(Man-made Fiber) textile
exports. From exports of merely Rs.23.10 crores in 2003-04, Indian MMF exports have
grown 147% to reach Rs. 57.08 crores in 2005-06. Currently India ranks 8th in imports
of
MMF textiles by Argentina.

Currently, the main items of export consist of

• Viscose Spun & filament Yarn

• Polyester Viscose Yarn
• Shawls/Scarves

Muffler and Polyester blended fabrics

In Argentina, men wear stylish wool, blended suits especially in the winter months. For
any season, dark conservative colors are most popular. Working women strive for simple
elegance with conservative colors and styles. Trousers and pant suits are also becoming
popular.

Since Argentina’s economy is expected to continue growing in the coming years due to
rising consumption, increased general purchasing power and rapidly growing inflows of
tourists buying Argentine textile and apparel products, there is good scope for Indian
textile companies to increase exports to this country.

*Reference 14

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Reference

1) http://fedex.com/us/international/irc/profiles/irc_ar_profile.html?gtmcc=us#C04
2) http://www.europaworld.com/pub/entry/ar.ss.2
3) www.researchandmarkets.com/.../argentina_food_and_drink_report_2009.pdf
4) http://au.encarta.msn.com/sidebar_1461501108/argentina_customs_and_lifestyle.
html
5) http://www.financialexpress.com/news/slowdownhit-textile-sector-gets-lifeline-
from-argentina/456491/
6) www.x-rates.com/d/ARS/USD/hist2009.html
http://www.x-rates.com/d/ARS/EUR/hist2009.html
7) http://en.mercopress.com/2009/03/02/argentine-peso-slides-under-managed-
devaluation.
8) http://indexmundi.com/argentina/imports_commodities.html
https://www.cia.gov/library/publications/the-world-factbook
9) http://www.financialexpress.com/news/pharma-cos-knocking-on-argentinas-
door/109650/
10) http://books.google.co.in/books?
id=sVTprsgH0SEC&pg=PA89&lpg=PA89&dq=argentina
%27s+international+trade+policy+toward+importing&source=bl&ots=LUXnbfz
L6h&sig=Ybh5RLt2G-
2h7bLxWQs7Z73YPGg&hl=en&ei=1MidSp_hA5eGkAXjm73hBA&sa=X&oi=
book_result&ct=result&resnum=1#v=onepage&q=argentina%27s
%20international%20trade%20policy%20toward%20importing&f=false.
11) http://fedex.com/us/international/irc/profiles/irc_ar_profile.html?gtmcc=us#C04
12) http://www.en.argentina.ar/_en/sports/soccer/index.php
13) http://smetimes.tradeindia.com/smetimes/in-depth/2008/Aug/01/argentine-textile-
industry.html
14) http://smetimes.tradeindia.com/smetimes/in-depth/2008/Aug/01/argentine-textile-
industry.html

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