India to expedite trade talks with African, Latin American nations, looks to seal Chile FTA in 2026

India nears trade pact with Chile, talks with Peru face hurdles, seeks critical mineral access, also aims to expand MERCOSUR PTA and start trade talks with SACU3 Min ReadIndia has a PTA with MERCOSUR since 2004, which comprises of Brazil, Argentina, Paraguay, Uruguay, and Bolivia. Stating that Latin American countries wanting to diversify their trade destinations see a big market in India, government sources had earlier pointed out that India faces less risk in opening markets for Latin American countries due to their lesser product range and volumes, which won’t harm the interests of India’s domestic industry. All options remain open for widening trade with the MERCOSUR bloc, from the possibility of an increase in tariff lines from the current 450 to 4,000 under the existing PTA, or a full-fledged FTA replete with clauses on mobility for skilled professionals as well as rules of origin to prevent third-country dumping or transshipment.MERCOSUR countries comprise over 67% of the total economic share of South American economies. The collective size of the economy of all South American countries is $4.38 trillion, of which the combined size of the MERCOSUR member countries’ economies is $2.94 trillion. India is also looking to start negotiations for a trade pact with the South Africa-led SACU trading bloc in the next few months.Continue Reading(Edited by : Srabastee Biswas)

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