Latin America trade pact gets finishing touches

The government is finalising the annexes to the preferential trade agreement (PTA) signed earlier this year with Latin American countries to increase trade with the region, according to a senior government official.

Although India's trade with Latin American Countries (LACs) has increased 87 per cent during the last five years, its share in the LACs' global trade constituted only 0.48 per cent, Commerce Secretary S N Menon said at the Indo-LAC Business meet here.

India's exports to Latin America crossed $1.5 billion in 2003-04 and its imports from this region was approximately $1.1 billion during the same period. On the other hand, global imports of Latin America in 2002 were $330 billion and their total exports were $343 billion.

Menon said joint business commercial councils had been constituted with Brazil and Colombia for bringing together the business communities of the countries.