Market News & Headlines >> Ag Groups Applaud Argentina Election Results
The election of libertarian economist Javier Milei as the new president of Argentina, offers an opportunity for "radical change" in policy for the grains sector, the country's main rural associations said late on Sunday, offering to work "side by side" with the new president.
Argentina’s grains and livestock producers were major backers of Milei, who has pledged to reduce the size of the federal government and cut taxes. Grain and livestock producers have long called for the elimination of taxes and caps they say have been curbing grain and meat exports for years. Argentina currently taxes exports of soybeans and soy products at a rate of 33% and levies a 12% tax on corn and wheat exports.
“A great opportunity has opened up to work together to make radical change to the current policies," the Argentine Rural Society (SRA) said in a statement.
CONINAGRO, another of the major agricultural associations in Argentina, said in a statement that "we are at the beginning of a new stage, which we hope will bring well-being to all Argentines," congratulating the president-elect.
Meanwhile, the Argentine Rural Confederations (CRA) called for Milei to work with the farm sector and demanded tax deregulation.