The European Union requested consultations with Argentina at the WTO in a bid to have import restrictions lifted. If no solution is found within 60 days, then the EU can request a WTO Panel to be established to rule on the legality of Argentina's actions. According to the European Commission, these restrictions have negatively affected the EU's trade and investment.

The European Commission informed that the EU launched a challenge to Argentina's import restrictions at the World Trade Organisation, in order to lift these measures that negatively affect the EU's trade and investment. These measures include Argentina's import licensing regime and notably the procedures to obtain an import licence as well as the obligation on companies to balance imports with exports. In April 2012, the EU-Argentina joint Cooperation Committee was postponed, in view of Argentina's decision to expropriate YPF. The request for consultations formally initiates a dispute under the WTO dispute settlement understanding. Consultations give the EU and Argentina the opportunity to discuss the matter and to find a satisfactory solution without resorting to litigation.

€500 million of exports in the same year were affected by the restrictions in 2011. As of 2012, the extension of the measures to all products raised the magnitude of the potentially affected trade to all EU exports to Argentina, which amounted to €8.3 billion in 2011. The long-term impact of a negative trade and investment climate is significantly higher.

On the other hand, EU goods imports from Argentina in 2011 reached €10.7 billion. EU imports from Argentina primarily consist of agricultural products (food and live animals, 53%), chemicals (16%) and raw materials (14%), while the EU mainly exports manufactured goods such as machinery and transport equipment, such as cars and car parts (50%) and chemicals (20%) to Argentina.