India in talks with Peru for free trade pact, wants to widen trade base with Latin American nations

By Kirtika Suneja

NEW DELHI: India wants to trade more with Latin American countries by widening the scope of its preferential trade agreement (PTA) with the MERCOSUR bloc comprising Brazil, Argentina, Uruguay and Paraguay.

Emphasizing on the importance of strong ties with the trading bloc, commerce secretary Rita Teaotia has said that the PTA should be re-examined because it is “limited in many ways”. The PTA came into force from June 1, 2009.

India’s bilateral trade with the India-Latin America and Caribbean region has increased from $3.7 billion a decade ago to $45 billion 2014-15.

While addressing the India-Latin America and Caribbean Conclave organised by Confederation of Indian Industry, the secretary also said that India is in talks with Peru for a free trade agreement.

Besides trade, she also sought investments from the Latin American nations especially for the Make in India proagrmme.

“In infrastructure sector, huge opportunities exist. We welcome investments in this. Huge scope is there is services sector. I believe we can cooperate in IT, education, telecommunication, yoga, telemedicine and healthcare services,” she said.