Canadian Ambassador to Argentina Stewart Wheeler confirmed that the two countries are in talks to modernize an agreement to promote and protect investments the pair originally signed in 1992.
The goal is to attract mining investments, a sector President Javier Milei considers to be crucial for economic growth and one in which the North American country has ample experience in.
“It’s about 30 years old, and both sides want to modernize it,” said Wheeler, who arrived in Argentina in 2025. These negotiations, coupled with ongoing talks over a free trade agreement between Canada and the Mercosur bloc and Milei’s pro-market reforms, are encouraging signs for the ambassador.
“I’m probably the first optimistic Canadian ambassador in Argentina in a generation,” he told the Herald.
Things weren’t always this way. According to Wheeler, the embassy’s commercial branch has often found it “frustrating to do business in Argentina” due to the lack of macroeconomic stability, exchange restrictions, and high inflation.
“Those are things that the business community looks to for stability when they’re choosing where to put their energy abroad,” he said, adding that Canadians know that a new government has arrived and that the country is opening up to more trade and investment.
“And that’s all very positive.”
Wheeler pointed out that the Milei administration has been “very successful” at stabilizing inflation and “starting along that long path of economic reform.” Among the more noted bills, he pointed to labor reform and changes to the Glaciers Law, a government-backed initiative that relaxed environmental controls and glacier areas and opened the door to mining in areas that were previously protected.
“Those were some of the predictability and transparency questions that the private sector would look to if they’re going to come here and invest billions of dollars to develop mines or energy,” he emphasized. Wheeler added that last October’s election showed “a vote of confidence in the direction the government was taking the country.”
The potential signing of a Canada-Mercosur deal is a key factor to increase commerce between the two and attract Canadian investments. Regarding a timeline for the deal to get done, Wheeler said it’s hard to say exactly how long negotiations will take but that they are “going very well.”
He went on to say that free trade has been one of his country’s hallmarks and that Mercosur has become one of their “priority free trade negotiations” due to the fact that they have a lot of complementarity between the economies.
The potential for Canadian investment
Wheeler pointed out that Canadian investment is probably most visible in mining. According to him, “well over 50%” of new mining explorations in Argentina come from Canadian companies.
“Argentines sometimes hear a narrative that suggests that foreign countries are coming with their big companies to exploit a natural resource and then leave. Canadian companies have been in the mining sector here for decades, and they’re here to stay,” he explained.
He added that they are also looking to be a long-term partner in Argentina’s development in mining and oil and gas, as well as other sectors, like renewable energies.
“There is a lot of engineering and renewable energy know-how that’s required to combine renewable energies with traditional sources of energy or nuclear energy and put it all together into a grid that goes out into parts that are far away from cities and supplies economic needs,” Wheeler added.
“And that’s all the expertise and experience that we have; (so) we’re happy to build with Argentina,” he said.
Facts Only
* Canadian Ambassador Stewart Wheeler confirmed talks to modernize an agreement from 1992 regarding investment promotion and protection between Canada and Argentina.
* The goal of the talks is to attract mining investments.
* President Javier Milei considers mining crucial for economic growth, and North America has ample experience in this sector.
* Wheeler arrived in Argentina in 2025.
* The commercial branch faced difficulties due to macroeconomic instability, exchange restrictions, and high inflation.
* The Milei administration has taken steps toward stabilizing inflation and economic reform.
* Specific reforms mentioned include labor reform and changes to the Glaciers Law, which relaxed environmental controls related to mining areas.
* Canadian companies account for well over 50% of new mining explorations in Argentina.
* Canada seeks a long-term partnership in mining, oil and gas, and renewable energy development in Argentina.
* There is an availability of engineering and renewable energy know-how applicable to energy grid development.
Executive Summary
Canadian Ambassador Stewart Wheeler confirmed that discussions are underway to modernize an agreement signed in 1992 concerning the promotion and protection of investments between Canada and Argentina. The goal of these talks is to attract mining investments, which President Javier Milei views as crucial for economic growth and a sector where North American countries possess significant experience. Wheeler noted that the negotiations, alongside ongoing discussions regarding a free trade agreement with Mercosur and Milei’s market reforms, are viewed positively.
Wheeler also conveyed that the embassy's commercial branch previously faced difficulties in conducting business due to macroeconomic instability, exchange restrictions, and high inflation. He indicated that recent government actions, such as labor reform and changes to the Glaciers Law, have introduced predictability and transparency sought by the private sector for investment. The potential signing of a Canada-Mercosur deal is seen as a key mechanism to increase commerce and attract Canadian investment. Furthermore, Canadian companies are already prominent in Argentine mining, with Canadian firms responsible for over 50% of new mining explorations. Wheeler also highlighted the expertise available in engineering and renewable energy relevant to combining various energy sources into a grid.
Full Take
The narrative presented links economic stability and structural reform directly to the feasibility of attracting substantial foreign investment, specifically in resource extraction. The movement from a climate characterized by instability—marked by inflation and exchange restrictions—to one that emphasizes predictability, as evidenced by labor and environmental reforms, functions as a persuasive framework for market entry. The focus on mining is not merely an economic pursuit but intersects with historical patterns where external capital interacts with national resource control; the assertion that Canadian companies are "here to stay" addresses a latent narrative of foreign exploitation versus long-term partnership.
The implication lies in how successfully framing regulatory changes as "predictability and transparency" shifts the focus from macroeconomic volatility to tangible legal frameworks. However, this framing also sets a high expectation: that future stability is inherently tied to specific structural reforms rather than sustained political consensus. The tension remains whether the current reform trajectory is sufficient to alleviate the historical friction felt by the business community, or if the modernization of older agreements alone will be enough to overcome systemic uncertainties regarding regulatory consistency across different sectors like energy and mining.
Bridge questions: If the success of these investment flows depends on future political continuity, what mechanisms outside bilateral negotiations can ensure that newly enacted reforms are consistently applied to long-term sector agreements? How does the expertise in renewable energy, mentioned as a potential partnership area, integrate with the immediate push for resource extraction investments? What is the historical correlation between past economic volatility and investor confidence thresholds in Argentina's resource sector?
Sentinel — Human
The text appears to be a standard diplomatic reporting piece, characterized by direct attribution and contextual framing provided by an on-the-ground source.