The norm, in detail
Waterway: the deregulation Congress halted
DNU 340/2025 (rejected; reversed by Decree 628/2025)
pendingNATIONAL
Market deregulation
What changed and who it applies to
What changed
DNU 340/2025 approved the 'Exception Regime of the National Merchant Marine': it declared maritime and/or river commercial-transport navigation an essential service (art. 2), opened cabotage to foreign vessels by permit of up to 180 renewable days in the absence of national vessels (art. 6 of the replaced Decree-Law 19.492/44), amended Decree-Law 19.492/1944, Law 20.094, Law 27.419 and Law 25.877, and allowed the temporary suspension of the national registry (flag) for up to 10 years for international traffic (art. 26 of the replaced Law 27.419). IT IS NOT IN FORCE: Congress rejected the DNU (Chamber of Deputies Res. 39/2025 of Aug 6, 2025 and Senate Res. 57/2025 of Aug 21, 2025, both published Aug 25, 2025) and the Executive Branch, via Decree 628/2025 (Official Gazette Sep 3, 2025), reinstated the previous framework (Law 20.094, Decree-Law 19.492/1944, Law 27.419). The deregulation was reversed. verif · May 21, 2025 ↗
In force
It was in force from its publication (May 21, 2025) until its reversal by Decree 628/2025 (Official Gazette Sep 3, 2025). As of June 2026 it is NOT in force: the regulatory framework prior to DNU 340 was reinstated. verif · Sep 3, 2025 ↗
Who it affects
Cabotage shipowners and operators (maritime and river), Paraguay-Paraná waterway shippers, embarked crews and maritime unions, and shippers/exporters who move grains and goods along the waterway. The reversal leaves cabotage again reserved to national-flag vessels under the previous regime. verif · May 21, 2025 ↗
The norm
DNU 340/2025 (DNU-2025-340-APN-PTE), signed May 20, 2025, published in the BO May 21, 2025, issued under art. 99 inc. 3 of the Constitution. Rejected by both chambers of Congress (Chamber of Deputies Res. 39/2025, Senate Res. 57/2025) and reversed by Decreto 628/2025 (signed Sep 2, 2025, BO Sep 3, 2025). verif · May 21, 2025 ↗
Our reading
The deregulatory course is the right one (R4 · opening and deregulation): opening cabotage and the waterway to foreign vessels lowered the logistics cost of the country's main export outlet. Here what failed was not the program but the route: Congress rejected the DNU and the Executive itself reinstated the previous framework. The bet stands by law or by an instrument that gets around the legislative veto; the risk to watch is dependence on the parliamentary front (R7 · federal-provincial tension), not a change in the Government's conviction. thesis
Where it lands, province by province1
Río Negro The San Matías Gulf is the country's new maritime market: two monobuoys, up to four floating LNG units and export vessels in rotation. The decree would have opened cabotage to foreign-flagged ships; Congress rejected it and the previous regime was restored. What remains is a market reserved for the national flag — a door for whoever flags here — and a higher maritime support cost than under an open regime. mixed opening and deregulation thesis
The other rules on this subject36
The IGJ digitizes companies' financial statementsIGJ General Res. 9/2026 (RESOG-2026-9-APN-IGJ#MJ), Official Gazette Jul 2, 2026in force
Domestic trade: price-control and intervention rules fallRes. 12/2026 SIC (Official Gazette Jun 9, 2026)in force
Ley Hojarasca: cleanup of the legal framework (still in the Senate)Bill CD-1/26 (half-sanction May 20, 2026)pending
Ignacio Aredez· Chief analyst
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How to read the seals → verif primary source · prob primary source pending · unconf not sufficiently backed · estim our own calculation · thesis our reading