New legal and business environment in Argentina. Outlook for 2024
On 10 December 2023, a new federal administration took office in Argentina, with a political and economic orientation very different from the one we had had in the last four years.
The current president is pushing and will further push for huge changes to Argentina’s legal and business environment aimed at deregulating the economy, strongly market-friendly and internationally business-oriented.
Our firm, Castro Sammartino & Pierini will be periodically updating on the reforms taking place.
By the Emergency Decree N° 70/2023 published in the Official Gazette on 21 December 2023. (hereinafter, the Decree) a wide array of laws and legal provisions were abrogated or modified, effective as of 29 December 2023. This executive order will have to be confirmed or repealed by the Federal Congress, but it is in full force in the meantime. However, the hypothetical repeal may not affect rights acquired while the Decree was in force, notwithstanding the fact of potential judicial review on its constitutionality but only in specific cases brought to justice.
To challenge the Decree, several injunctive relieves were filed, and some of them put a stay on the effects of the Decree as far as labor issues are concerned. In parallel and in the event that the Federal Congress does not ratify the Decree, the President has also sent a wider draft bill with reforms oriented to the deregulation of the Argentine economy, including the same Decree´s content.
Briefly, some of the amendments introduced by the Decree come be consulted visiting the following links:
Mario E. Castro Sammartino
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