Forging New Trade Pathways: India's Ambition for a Revamped Mercosur Agreement

Paraguay President Santiago Pena Palacios expressed hope for expanding the trade agreement between India and the Mercosur bloc. During his visit to India, he discussed the potential for bilateral trade deals and Paraguay's stable economic environment, suggesting collaborations in trade and education with India.

Paraguay President Santiago Pena Palacios has expressed optimism about expanding the trade agreement between India and the Mercosur bloc. Speaking at the IMC Chamber of Commerce in Mumbai, he noted that both India and Paraguay have much to exchange, particularly as part of the four-nation Mercosur bloc.

Palacios, on a three-day visit to India, emphasized the potential benefits of expanding the current free trade agreement, highlighting Paraguay as a strategic entry point for Indian companies into Latin America. Although efforts to broaden this trade pact have faced hurdles since its inception in 2009, Indian Commerce Minister Piyush Goyal suggested exploring bilateral deals as an alternative.

Addressing economic stability in Paraguay, Palacios pointed out its steady tax rates, low debt-to-GDP ratio, and recent rating upgrades, urging collaboration with India in education and investment. His visit included meetings with key Indian leaders, including Maharashtra's Chief Minister and Prime Minister Narendra Modi.

(With inputs from agencies.)