India eyes critical minerals, bigger markets in South America trade push
India is strengthening trade ties with South American nations like Chile, Argentina, and Brazil. Commerce Secretary Rajesh Agrawal will chair joint trade meetings in Argentina and Brazil. Talks for a comprehensive trade agreement with Chile are in advanced stages. Discussions will also cover expanding the preferential trade agreement with Mercosur. These efforts aim to diversify India's export…
India is strengthening its commercial ties with South American nations, particularly Chile, Argentina, and Brazil, as part of its broader trade diversification efforts. Commerce Secretary Rajesh Agrawal is scheduled to visit these countries from August 24 to 28 to discuss potential trade agreements and bolster existing ones.
A key focus of the meetings will be the proposed comprehensive trade agreement with Chile, with talks currently at an advanced stage. The agreement aims to extend the scope of the existing Preferential Trade Agreement (PTA) of 2006, which covers critical minerals, digital services, investment promotion, and cooperation, and micro, small, and medium enterprises.
The Chilean government, led by conservative President Jose Antonio Kast, is open to resolving the remaining issues to advance the agreement. Argentina and Brazil, members of the Mercosur trade bloc, will also be discussed during the visit. Both sides are exploring ways to expand the India-Mercosur Preferential Trade Agreement, currently covering only 450 tariff lines.
Other potential topics for discussion include the sugar trade dispute at the WTO, which involves India's domestic support policies and alleged export subsidies for sugarcane producers. India maintains that its policies are WTO-compliant, while Brazil has filed a complaint against them.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
