Bilateral trade has already boomed in recent years - with Argentine exports to Iran hovering around $1 billion since 2008 and peaking in 2010 at almost $1.5b., providing Argentina with a large trade surplus.
Improved relations could also solve the problem of Argentina's desperate need for energy. With a prolonged and difficult debt restructuring process and a growing protectionism that makes its economy less competitive, Argentina has found it increasingly difficult to buy energy to satisfy its needs - despite having been a net energy exporter until 2010.
The government tried to solve this problem by nationalizing Spanish-owned energy company YPF but the move only worsened Argentina's energy predicament and compounded its credibility problem with international markets. Iran, with oil sales drastically down due to European and US sanctions, is looking for buyers.
But that's not all. Argentina is, alongside Brazil, the only nuclear power in Latin America. Iran briefly obtained nuclear fuel from Argentina in the 1980s, but that relationship ended by the early 1990s due to concerns over Iran's nuclear program.
Argentina is also a leader in missile technology - something Iran covets for its own program, but finds difficult to obtain elsewhere due to sanctions and growing international scrutiny over its imports.
Finally, Argentina, with its historic ties to Spain and Europe, still has a robust trade with the EU. Setting up shop in Argentina can enable Iran to leverage this Latin American hub as a transhipment point for technology, which it can pay through barter with its own oil.
Everyone could gain then - Argentina would get energy without the need to pay debts, get a better credit rating or drop protectionist measures. Iran would get a new friend and trading partner in Latin America that has the added value of offering European- quality technology.
Until recently, the major impediment to a full rapprochement was the 1994 AMIA bombing and Argentina's legal advocates, who would not forgo justice in return for their president's misguided realpolitik. In one fell swoop, President Kirchner can now make sure that nearly 20 years of investigation, standing indictments and international arrest warrants can be swept under the rug.
With that, Iran and Argentina are actively drawing closer. Iran has found a way to break out of its international isolation, while Kirchner has made it clear that her promise for justice takes a back seat to the promise of economic recovery.
