 "Trade pact with Chile soon: commerce secretary")
India is looking to increase trade with Latin America through focussed trade pacts including one with Chile that will be announced soon, Commerce Secretary Rita Teaotia said on Thursday.
Speaking at the Latin America and Caribbean Conclave organised by industry body Confederation of Indian Industries (CII), Teaotia said India is also in advanced talks with Peru over a free trade agreement.
She stressed on the need for both India and Latin American and Caribbean countries to actively engage in dialogue to increase trade.
Inspite of having almost $15-billion worth of investments by Indian companies, South America ia one of India's smallest trade areas.
Inspite of having almost $15-billion worth of investments by Indian companies, South America ia one of India's smallest trade areas.
Reliance, ONGC Videsh have signifiantly sought exploration rights for oil, gas and are in the process of setting up refining facilities. Pharmaceutical companies like Ranbaxy are also active in the region.
Other important areas of trade include mining, IT & ITES and green technology.
India had $46 billion worth of two-way trade with Latin America, which is only 5% of our total international trade.
India has in recent years got partial admission in the MERCOSUR trade grouping of countries operating in South America. Trade facilitated through this account for almost 68% of India's trade with the region.
