Javier Milei’s 30 key measures for the deregulation of the Argentine economy

The Argentine president Javier Milei said Wednesday that he signed a decree that includes more than 300 measures aimed at deregulating the economy of the country, which includes the elimination of laws on price controls and the promotion of industrial activity.

Milei is a libertarian economist who became president of Argentina less than two weeks ago with a platform that points to a drastic reduction in the size of the State. Last week the Milei Government devalued the currency by more than 50%.

“Today we formally begin the path of reconstruction”Milei said in a recorded message broadcast on the national network, referring to the crisis in which Argentina finds itself, with triple-digit inflation, negative net foreign exchange reserves and a domestic currency that is not very confident.

Milei, who has described himself as an anarcho-capitalist, listed 30 measures, including announcing that he will seek to privatize state-owned companies, removing restrictions on price increases and modifying the Civil and Commercial Codeand a reform of the Custom code.

“The objective is (…) to return freedom and autonomy to individuals and begin to dismantle the enormous amount of regulations that have prevented, hindered and stopped economic growth in our country,” he pointed.

At the same time, the Argentine president also said that in the coming days his government would call “extraordinary sessions” for the national Congress to discuss a series of laws that it will send, during what is normally the summer legislative break.

Among the projects are the plan to raise taxes on exports of wheat, corn and flour and oil derived from soybeans. Argentina is a exporter key global food market and its sales abroad the country’s main source of foreign exchange.

“This is just the first step,” Milei said, which is the biggest surprise in Argentine politics since the return of democracy, 40 years ago.

The 30 measures of Javier Milei

During the presentation of the Argentine president, Javier Milei, 30 measures of the 300 reforms that the new decree will adopt were made public. These are:

1. Repeal of the Rental Law.
2. Repeal of the Supply Law.
3. Repeal of the Gondola Law.
4. Repeal of the National Purchase Law.
5. Repeal of the Price Observatory of the Ministry of Economy.
6. Repeal of the Industrial Promotion Law.
7. Repeal of the Trade Promotion Law.
8. Repeal of the regulations that prevent the privatization of public companies.
9. Repeal of the State Companies Regime.
10. Transformation of all state companies into public limited companies for subsequent privatization.
11. Modernization of the labor regime to facilitate the process of generating genuine employment.
12. Reform of the Customs Code to facilitate international trade. “As of today, it is prohibited to prohibit exports,” Milei said.
13. Repeal of the Land Law to promote investments.
14. Modification of the Fire Law.
15. Repeal of the obligations that sugar mills have regarding sugar production.
16. Liberation of the legal regime applicable to the wine sector.
17. Repeal of the National Mining Trade System and the Mining Information Bank.
18. Authorization for the session of the total or partial share package of Aerolíneas Argentinas. 19.
19. Implementation of the open skies policy.
20. Modification of the Civil and Commercial Code to reinforce the principle of contractual freedom between the parties.
21. Modification of the Civil and Commercial Code to guarantee that obligations contracted in foreign countries are paid in the agreed currency.
22. Modification of the regulatory framework for prepaid medicine and social works.
23. Elimination of price restrictions on the prepaid industry.
24. Incorporation of prepaid medicine companies into the social work regime.
25. Reestablishment of the electronic prescription.
26. Modifications to the regime of pharmaceutical companies.
27. Modification of the Companies Law so that football clubs can become public limited companies if they wish.
28. Deregulation of satellite internet services.
29. Deregulation of the tourism sector.
30. Incorporation of digital tools for automotive registration procedures.

(With information from Reuters)