(Reuters) - Argentina will roll out changes to the country's anti-dumping system in an effort to promote greater competition and bring down prices, Economy Minister Luis Caputo said on social media on Wednesday.

The changes include reducing the maximum duration of anti-dumping duties from five years, with unlimited renewals, to three years with a single two-year extension, Caputo said.

According to the official, Argentina's current provisions for anti-dumping duties, intended to prevent unfair competition between imported and domestic goods, have increased consumer prices and industrial costs.

The changes, which will be published in the government's official bulletin on Thursday, will also include shortening investigation timelines to eight months and streamlining procedures.

Libertarian President Javier Milei has made shrinking the state's role in the economy a key part of his agenda to pull Argentina out of economic crisis and bring down sky-high inflation.

"With this reform, competition is encouraged, the original function of anti-dumping duties is restored and a more transparent and balanced foreign trade is sought," Caputo said.