Brazil may ratify India-Mercosur PTA
Brazilian foreign minister Celso Amorim has said procedural delay was holding up the ratification of the India-Mercosur preferential trading agreement (PTA) and the deal was likely to be cleared either before or just after president Luiz Inacio Lu...
By TNN |
NEW DELHI: Brazil is likely to ratify the India-Mercosur preferential trading agreement (PTA) in the next few months. Brazilian foreign minister Celso Amorim has said procedural delay was holding up the ratification and the deal was likely to be cleared either before or just after president Luiz Inacio Lula da Silva’s India visit in June.
Except Brazil, all other Mercosur countries including Argentina, Paraguay and Uruguay as well as India have ratified the PTA.
Mr Amorim also promised to support India in safeguarding the interests of agricultural products and subsistence farmers in the on-going WTO negotiations by pushing the case for special products. Special products are items which will be either excluded or subjected to lower tariff reduction commitments.
Speaking to reporters at a seminar organised by CII on Friday, Mr Amorim said, “We will unfailingly support India’s demand for special products.” Replying to questions on the long-pending PTA, the minister clarified that there was no problem with the content of the agreement and Brazil was taking long in ratifying the agreement due to procedural delays.
“Ours is a Presidential system where clearing things takes longer,” he said. Once the PTA is implemented, 460-odd items from India will be given preferential access to the markets of the Mercosur countries.
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The items range from split air-conditioner systems and refrigerators to leather, footwear, silk, cotton, meat, chemicals and glass & glass products. India, on the other hand, will give preferential access to 424 products originating from the four Mercosur members including chemicals, machine tools, petrochemicals, steering boxes and electrical equipment.Download
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