India and MERCOSUR to work on PTA expansion, ministers say
India and the South American trade group MERCOSUR are working on expanding their current Preferential Trade Agreement (PTA), which already gives both sides lower tariffs on hundreds of products.
India's Commerce and Industry Minister Piyush Goyal and Uruguay's Foreign Minister Mario Lubetkin, in exercise of the Pro Tempore Presidency of MERCOSUR, shared the news, saying they are hoping to make trade even smoother between India and countries like Brazil, Argentina, Paraguay, Uruguay, and Bolivia.
Additional products to receive tariff breaks
The big idea is to add more products to the list that get special tariff breaks.
Both sides want to help businesses find new opportunities for trade: including more choices for consumers and fresh chances for startups or exporters.
The PTA also covers areas of mutual interest, so this upgrade could mean more than just cheaper goods on both sides.