India and Brazil recently agreed that the MERCOSUR-India Preferential Trade Agreement (PTA) signed in June 2003 should be expanded covering both tariff and non-tariff issues, with active participation of the private sector and other stakeholders.
The MERCOSUR bloc comprises Argentina, Bolivia, Brazil, Paraguay and Uruguay. Venezuela was a full member, but has been suspended since December 1, 2016.
Brazilian Vice President Geraldo Alckmin, who also holds the portfolios of development, industry, trade and services, recently met Indian Minister of Commerce and Industry Piyush Goyal in New Delhi.
Both agreed that the expansion of the PTA should be substantial, aiming for a significant share of bilateral trade to benefit from tariff preferences, a release from the Indian ministry said.
The next step in this regard should be the establishment of a technical dialogue between the parties, including the holding of a meeting of the joint administration committee created under Article 23 of the PTA at the earliest date, to define the scope of expansion.
Parties should try to conclude the negotiations within a year from its launch.
News Courtesy : Fibre2Fashion