Following the return of Peronists to power in the 1973 elections, Cafiero was appointed Secretary of Commerce in Perón's last term (1974). Following Perón's death and his replacement by his wife, Vice-President Isabel Perón, he was appointed Federal Interventor of Mendoza Province (1974–1975), and as Ambassador to the European Economic Community and Belgium (1975).
Following the return of Peronist forces to power in 1973, Cafiero was appointed Commerce Secretary under Perón's final presidency (1974). Following Perón's demise and his wife Isabel's assumption of the presidency, he became Provincial Administrator for Mendoza (1974–1975), and later served as ambassador to the European Economic Community and Belgium (1975).