Strengthening Ties: Paraguay Seeks Expanded Trade with India

Paraguay President Santiago Pena Palacios seeks to expand the trade agreement between India and Mercosur. He highlights opportunities for Indian companies in Latin America, with Paraguay as a gateway. Current discussions focus on renegotiating an existing agreement and exploring bilateral options. He emphasizes Paraguay's stable economic conditions and young population.

In a push to enhance international trade relations, Paraguay President Santiago Pena Palacios expressed his eagerness to broaden the trade agreement between India and the Mercosur bloc. During a speech at the IMC Chamber of Commerce and Industry in India, Palacios highlighted the potential for mutual growth and collaboration. He emphasized Paraguay's strategic position as an entry point into Latin America for Indian businesses.

The existing free trade agreement between India and Mercosur, established in 2009, is currently under review, with discussions aimed at expanding its scope. However, these efforts have not progressed as anticipated. In response, Union Commerce Minister Piyush Goyal proposed exploring bilateral trade pacts with Mercosur nations as an alternative pathway to strengthen economic ties.

President Palacios underscored Paraguay's stable economic policies and low debt-to-GDP ratios, coupled with a youthful population, as attractive factors for potential investors. He also advocated for collaborative efforts in education between India and Paraguay, reflecting on recent meetings with Indian leaders, including Prime Minister Narendra Modi.

(With inputs from agencies.)