Co-Chairs of Russia–Argentina Business Council Sign Memorandum to Expand Bilateral Business Cooperation

The respective Chairmen of the national parts of the Russia–Argentina Business Council, Andrey Guryev and Poli Cousiño, have signed a memorandum to expand business cooperation between the two countries.

The signing took place on Argentina’s Independence Day following negotiations at the Russian Embassy in Argentina, with the participation of Russia’s Ambassador to Argentina, Dmitry Feoktistov.

As part of the agreement, the parties will establish a platform to facilitate direct working contacts between Russian and Argentine companies; create favourable conditions for cooperation; expand bilateral economic, trade and humanitarian relations; and take part in joint projects.

Although Argentina is one of Russia’s oldest trade and economic partners in Latin America, as Mr Guryev emphasized, trade between the two countries has been impacted by sanctions pressure and difficulties with payments, logistics and insurance.

“This year, however, we have an important reason for optimism: hope for a reversal of this negative trend. From January to April 2025, trade between Russia and Argentina nearly tripled compared with the same period in 2024, amounting to USD 312 million.

“The twentyfold increase in Russian exports was driven by growth in supplies of mineral fertilizers. While Argentina imported 217 thousand tonnes of Russian fertilizers in all of 2024, our deliveries exceeded 250 thousand tonnes in the first five months of this year. Russia’s share increased from 7% of Argentina’s total agrochemical imports to 24%.

“As the head of the Russian Fertilizer Producers Association, I would like to note that Russian producers are ready to increase supply volumes and to further develop cooperation with Argentine partners. Choosing environmentally friendly Russian mineral fertilizers guarantees Argentine farmers an important competitive advantage in the global market: the safety and quality of their agricultural products,” stated Mr Guryev during the negotiations.

In addition to the traditional agricultural sphere, Mr Guryev called on his Argentine counterparts to strengthen cooperation in other areas as well, such as geological exploration, construction and maintenance of energy and oil and gas infrastructure, modernization of railway infrastructure, renewable energy, pharmaceuticals, the mechanical engineering and automotive sectors, and space technologies.

“In this regard, I would like to note the special significance of the memorandum signed today. It is an important sign that, despite external volatility, trade, economic and investment cooperation between our countries will continue to develop,” concluded Mr Guryev.

“The signing of this agreement provides a new impetus for deepening bilateral ties and creating new opportunities for the development of joint projects in an international context where strategic cooperation is becoming increasingly important,” stressed Mr Cousiño.

In closing, Mr Guryev expressed his gratitude to Ambassador Feoktistov for his continuous support of the work of both national parts of the Russia–Argentina Business Council.