NEW DELHI — Union Minister of Commerce and Industry Piyush Goyal, alongside the Foreign Minister of Uruguay and current Pro Tempore President of MERCOSUR, Mario Lubetkin, officially announced the launch of negotiations to expand the India-MERCOSUR Preferential Trade Agreement (PTA).
The bilateral announcement marks a significant step toward deepening economic ties between India and the South American trade bloc, which comprises Argentina, Brazil, Paraguay, and Uruguay.
Scope and Economic Objectives
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Broader Coverage: Both delegations agreed to expand the existing framework beyond its current tariff line preferences to encompass additional sectors of mutual economic interest, opening broader commercial avenues for private sector enterprises on both sides.
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Finalizing Framework: India and MERCOSUR are currently finalizing the Terms of Reference (ToR), which will outline the explicit scope, structural guidelines, and timeline for the upcoming rounds of trade negotiations.
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Strengthening South-South Trade: The expanded agreement is set to enhance market access, lower trade barriers, and diversify trade corridors between India and key Latin American economies.
