The bid comprises sixteen different projects that would bring together local and national organisations, as well as public and private sector agencies, to transform Argyll's economy for local and national benefit.
The bid was agreed at today's special meeting of full Council.
Council Leader, Councillor Aileen Morton said: "Argyll has natural resources that could deliver a great future for Argyll itself, and be an even greater driver for growth in the UK and Scottish economies.
"Investment could see Argyll lead the world in business sectors such as marine science. It could develop key routes to market for our world-renowned food and drink produce. It could bring the people and talent we need for our future.
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"The more support Argyll gets from the UK and Scottish Governments, the more Argyll can thrive and in turn support the UK and Scottish economies.
"We've reached a significant milestone today in unanimously agreeing this ambitious bid.
"Seeking a rural growth deal is all about seeking fair treatment for Argyll, to deliver long-term benefit for Argyll, Scotland and the UK."
The bid's projects are wide-ranging. They include for example improving road and air transport links between Argyll and the central belt of Scotland; expanding broadband availability to improve healthcare services and bolster the economy; providing infrastructure and training to support business innovation; and seeking policy change to open up opportunities for growth.
Councillor Gary Mulvaney, Policy Lead for Strategic Finance and Capital Regeneration, said: "Putting a bid together is about identifying where investment would provide the biggest catalyst for change; and to have a chance of securing funding, projects must tie in with UK and Scottish Government priorities. A deal can't be about funding day-to-day services; a deal is about delivering sustainable, economic growth.
"To develop our bid, the council has spoken extensively with partner organisations in and outwith Argyll; we have brought key people together to consider and agree solutions to issues; and we have listened to the views of the public.
"The bid we have agreed today is ambitious. It offers benefit across Argyll.
"Although individual projects could change through negotiations, this bid demonstrates the great potential Argyll provides for local and wider economic success."
