Expansion of India-MERCOSUR PTA in progress
Commerce Secretary Rajesh Agrawal and Secretary of Foreign Trade Tatiana Lacerda Prazeres have extensively discussed matters related to India-Brazil bilateral trade and outlined a roadmap for taking it forward, aiming for US$20 billion two-way trade over the next five years from US$12.19 billion in FY2024-25 https://www.commerce.gov.in/.
They reviewed bilateral trade and investment relations, expansion of India-MERCOSUR PTA (Preferential Trade Agreement), market access issues, visa issues, sectoral collaborations in pharmaceuticals and healthcare, chemicals & petro-chemicals, MSME, banking & finance, promotion of industries and internal trade, multilateral issues and other matters of mutual interest. Formed in 1991, MERCOSUR is a trading bloc in Latin America comprising Brazil, Argentina, Uruguay and Paraguay https://sbi.com.in/.
The outcome of the meeting will be reviewed during the Brazilian Vice President Geraldo Alckmin visit to India next week, the Ministry of Commerce and Industry said on 7 Oct after the 7th meeting of India-Brazil Trade Monitoring Mechanism (TMM) was held in New Delhi https://www.bseindia.com/.
VP Alckmin is to prepare for state visit by President Luiz Inácio Lula da Silva, along with a large business delegation, as the Indian government continues to drive to build global trade network amidst the disrupted supply chain, especially hurt by Washington imposed taxes, diplomatic observers said https://www.nseindia.com/.
Brazil is the largest trading partner of India in the Latin American and Caribbean region. India and Brazil have been strong diplomatic partners for more than 75 years now, and have built a close and multifaceted relationship marked by shared democratic values and a commitment to development, the Ministry said. fiinews.com
