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Canada and Argentina Move to Modernize Investment Pact Amid Mining Push
Ottawa's ambassador says renewed talks on a decades-old investment treaty reflect growing optimism about Argentina's economic opening under President Javier Milei.
Published: July 28, 2026
Canada and Argentina are negotiating an update to a bilateral investment protection agreement that first came into force in 1992, according to Canada's ambassador to Argentina, Stewart Wheeler. The goal is to modernize the treaty and make it more attractive for foreign capital, particularly in mining, a sector Argentine President Javier Milei has identified as central to his economic agenda.
Wheeler, who took up his post in 2025, said the talks are unfolding alongside separate negotiations toward a free trade agreement between Canada and the Mercosur bloc, along with a broader set of market-friendly reforms in Argentina. He described himself as unusually optimistic compared with his predecessors, pointing to falling inflation, labor reform and changes to environmental rules that have opened new areas to mining investment.
Canadian companies already account for more than half of new mining exploration in Argentina, and Wheeler said Canadian firms intend to remain long-term partners rather than short-term investors. He added that Canada sees further potential in oil, gas and renewable energy, where combining traditional and clean power sources could help supply remote regions of the country. A modernized investment treaty, he said, would give businesses on both sides more predictability as they weigh new projects.
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