New Delhi, September 14: India and the MERCOSUR trade bloc have launched negotiations to expand their existing Preferential Trade Agreement, commerce and industry minister Piyush Goyal said on Monday.
Goyal and Uruguay’s foreign minister Mario Lubetkin, who currently holds MERCOSUR’s rotating presidency, announced the launch of talks aimed at widening the agreement to cover new areas of mutual interest. Both sides said the expanded pact is intended to deepen economic ties and create more opportunities for businesses in India and the South American bloc.
India and MERCOSUR are now working on the terms of reference that will set out the scope and structure of the expanded agreement, according to the commerce ministry.