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Latino Daily News

Wednesday May 4, 2011

India Seeks to Expand Trade with Latin America, Special Focus on Uruguay’s Agri-Business

India Seeks to Expand Trade with Latin America, Special Focus on Uruguay’s Agri-Business

Photo: Agriculture in Uruguay

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India’s Minister of State for Commerce and Industry, Shri Jyotiraditya M Scindia emphasized the need to deepen engagement with Latin America by expanding the existing trade agreement with MERCOSUR.  Mercosur is a trade and political agreement between Argentina, Brazil, Paraguay and Uruguay.

Since Uruguay will be the next President of the MERCOSUR bloc. “It is important that the leaders on both sides proactively take steps to expedite completion of the process for expansion of the PTA agreement”, Shri Scindia said.

Shri Jyotiraditya Scindia who chairs a committee to promote trade and investment with Latin America, reached Uruguay in the second leg of his Latin American Tour after successful visit to Brazil.

The Minister highlighted the complementarities and similarities between India and Uruguay. He elaborated upon India’s growth story, especially in the sectors of Telecom, Human skills, India´s demographic dividend and trade. He invited businessmen and entrepreneurs from Uruguay to come to India and explore the opportunities available there, especially in the agricultural sector.

During his meeting with the Uruguay Foreign Minister Mr Luis Leonardo Almagro Lemas, Shri Scindia said that the trade between the two countries needs to touch the USD 1 billion mark from Current levels of USD 110 million.)