Argentina was the United States' twenty-third largest export market in 1994. U.S. direct investment in Argentina is largely concentrated in manufacturing, banking and petroleum.
Significant barriers remain, however.
Tariff rates have been reduced. This effort is part of a broader common exercise stemming from the 1991 signing of the Treaty of Asuncion by the members of the Southern Common Market. The other members are Brazil, Paraguay and Uruguay. These barriers continue to exist. These measures included specific duties on certain textile products, increased tariffs on athletic footwear, and import quotas on paper products.