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(Reuters) – Argentina will roll out changes to the country’s anti-dumping system in an effort to promote greater competition and bring down prices, Economy Minister Luis Caputo said on social media on Wednesday.<\/p>\n
The changes include reducing the maximum duration of anti-dumping duties from five years, with unlimited renewals, to three years with a single two-year extension, Caputo said.<\/p>\n
According to the official, Argentina’s current provisions for anti-dumping duties, intended to prevent unfair competition between imported and domestic goods, have increased consumer prices and industrial costs.<\/p>\n
The changes, which will be published in the government’s official bulletin on Thursday, will also include shortening investigation timelines to eight months and streamlining procedures.<\/p>\n
Libertarian President Javier Milei has made shrinking the state’s role in the economy a key part of his agenda to pull Argentina out of economic crisis and bring down sky-high inflation.<\/p>\n
“With this reform, competition is encouraged, the original function of anti-dumping duties is restored and a more transparent and balanced foreign trade is sought,” Caputo said.<\/p>\n
(Reporting by Aida Pelaez-Fernandez; Writing by Brendan O’Boyle)<\/p>\n<\/p><\/div>\n