India in talks with Peru for free trade pact, wants to widen trade base with Latin American

India wants to trade more with Latin American countries by widening the scope of its preferential trade agreement (PTA) with the MERCOSUR bloc comprising Brazil, Argentina, Uruguay and Paraguay.

Emphasizing on the importance of strong ties with the trading bloc, commerce secretary Rita Teaotia has said that the PTA should be re-examined because it is “limited in many ways”. The PTA came into force from June 1, 2009.

India’s bilateral trade with the India-Latin America and Caribbean region has increased from $3.7 billion a decade ago to $45 billion 2014-15. Read more…