Minister of state for commerce and industry Jyotiraditya Scindia has underlined the need to deepen engagement with Latin America by expanding the existing preferential trade agreement (PTA) with Mercosur - a trading bloc comprising Brazil, Argentina, Uruguay and Paraguay.
"It is important that the leaders on both sides proactively take steps to expedite completion of the process for expansion of the PTA", Scindia told delegates at a business seminar at Montevideo, Uruguay late on Monday night.
Jyotiraditya Scindia who chairs a committee to promote trade and investment with Latin America, reached Uruguay in the second leg of his Latin American Tour after a successful visit to Brazil.
He also highlighted the complementarities and similarities between India and Uruguay.
He elaborated upon India's growth story, especially in the sectors of telecommunications, human skills, demographic dividend and trade.
Scindia invited businessmen and entrepreneurs from Uruguay to visit India and explore the opportunities, especially in the agricultural sector.
During his meeting with the Uruguay foreign minister Luis Leonardo Almagro Lemas, Scindia said the trade between the two countries needs to touch the $1 billion mark from the current levels of $110 million.
"There is tremendous possibility for bilateral cooperation and we need to deepen engagement at the institutional level and expand the strategic relationship," he said.
Scindia identified that double tax avoidance agreements, bilateral investment promotion and protection agreement as critical future steps for strengthening bilateral cooperation.