Government to speed up trade pacts with Brazil, Columbia

New Delhi, May 17: THE Union government on Thursday said it has decided to expedite preferential trade agreements (PTAs) with at least two Latin American countries — Brazil and Columbia — within the next few months as part of the ongoing efforts to enhance trade relations with the region.

"The heads of missions (HoMs) of these two countries have been instructed to negotiate with their counterparts there to prepare at least a tentative list of items which can be included in the agreement," Commerce and Industry Minister Murasoli Maran said here on Thursday.

During a three-hour meeting with the heads of missions to Latin American countries, the minister said the rough draft of the PTA with Brazil was expected to be ready by June.

India needs to diversify its commodity and country basket in order to sustain export growth rate and increase exports to the Latin American region from one billion dollar to three billion dollar, the minister added.

Mr Maran said that a vision was required to achieve at least one per cent share in imports of these economies from the present meagre share of 0.33 per cent. "To achieve this, India’s exports to Latin America should be stepped up from one billion to three billion dollar," he said.

The heads of missions, on their part listed out the infrastructural and other bottlenecks being faced in their respective countries which impeded the Indian exports to the region.

The minister promised that their recommendations to enhance trade like buyer-seller meets, roadshows, participation in business fairs would be favourably considered by the government. (PTI)