India, Brazil to Deepen Mercosur Trade Agreement Talks

Brazilian Vice President and Minister of Development, Industry, Trade and Services, Geraldo Alckmin, is on a two-day visit to India. During his visit, he met with India's Union Minister of Commerce and Industry, Piyush Goyal, in New Delhi to discuss strengthening trade ties between India and the Mercosur bloc.

The two leaders reaffirmed their commitment to deepening the existing India-Mercosur Preferential Trade Agreement (PTA), originally signed on June 17, 2003. The agreement aimed to enhance trade relations and cooperation in line with WTO rules and disciplines.

During the meeting, both sides agreed that the scope of the PTA should be expanded significantly to cover a larger portion of bilateral trade under tariff preferences. It was also emphasized that the expansion should include both tariff and non-tariff issues to ensure a comprehensive economic partnership.

Encouraging greater involvement from the private sector and other stakeholders was also highlighted as a key component to support the dialogue process.

To move forward, both sides agreed on initiating a technical dialogue, including convening a meeting of the Joint Administration Committee established under Article 23 of the PTA. This meeting, to be scheduled at a mutually convenient date, will help define the scope and structure of the expanded agreement.

Importantly, the parties expressed a shared goal to conclude negotiations within one year of their commencement.

The Brazilian side conveyed its commitment to work closely with its Mercosur partners—Argentina, Paraguay, and Uruguay—to ensure that the enhanced agreement is substantial, balanced, and mutually beneficial.

This renewed push marks a strategic step towards boosting trade and investment flows between India and the South American trading bloc, aiming for a stronger and more diversified economic partnership.