1. Govt to double trade with Pacific Alliance members to $30 billion

Govt to double trade with Pacific Alliance members to $30 billion

The government plans to double trade with Pacific Alliance member nations like Mexico, Peru, Chile and Colombia to $30 billion by 2019.

By: | New Delhi | Published: June 30, 2015 12:20 AM

The government plans to double trade with Pacific Alliance member nations like Mexico, Peru, Chile and Colombia to $30 billion by 2019.

With India recently incorporated as an observer to the Pacific Alliance, a high-level delegation from the ministries of external affairs and commerce & industry is leaving for Peru to attend the 10th edition of the Pacific Alliance summit, which is the world’s eighth largest economy and seventh largest export entity.

According to the former envoy of Peru in India, Javier Paulinch Verlade, “There is no doubt the recent incorporation of India as an observer state will strengthen our relations, as one of the most important players in the region.”

“We are committed to work closely with 32 observer states and are, therefore, strengthening relationship with them by defining projects of cooperation in core areas including education, trade, small and medium businesses, innovation, infrastructure and science and technology,” pointed out Verlade.

Ambassador of Mexico Melba Pria said, “It’s worth noting that Pacific Alliance members as well as countries interested in joining are required to have trade agreements with all other members.”

To increase bilateral trade, Chile is working on having in place a more comprehensive trade agreement with India, for which negotiations are going on between India and Chile to include services and goods.

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