Argentine President Javier Milei Reaffirms Commitment To Abolish Export Taxes In Address To Farmers, But Frustration Grows Over Slow Reform Pace Amid Economic Challenges

In a recent address to the farming community, Argentine President Javier Milei reiterated his commitment to abolishing export taxes. However, the farming sector, a key pillar of the Argentine economy, is growing increasingly frustrated with the slow pace of change under Milei’s leadership.

What Happened: President Milei, a libertarian, made this announcement at the annual La Rural convention in Buenos Aires. He promised to remove the export taxes and other barriers that have been hampering the agricultural industry, reported the Associated Press on Monday.

Despite the president’s assurances, the farming community, which played a significant role in Milei’s rise to power, continues to face challenges such as stringent currency controls, high export taxes, and an uncompetitive exchange rate.

Although the agricultural sector, which contributes around 20% of Argentina’s GDP, is “hopeful but realistic” under Milei’s leadership, Nicolás Pino, the head of the Argentine Rural Society, said that patience is wearing thin.

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Why It Matters: Milei, known for his pro-Bitcoin stance, has been a controversial figure since taking office. His unconventional style and rhetoric have garnered global attention, with some praising his free-market approach and others expressing concern about the impact on the Argentine economy.

Despite his promises to unleash the free market and end state intervention, Milei has recently implemented measures that contradict his libertarian principles. This has led to frustration among farmers, who are now stockpiling billions of dollars worth of exportable grain and soybeans due to reduced export competitiveness.

Argentina’s economy is also facing challenges, with a drop in local demand and extreme austerity measures impacting beef consumption. The farming community, which has historically been a significant contributor to the country’s economy, is now looking to Milei for solutions, according to the report.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote