India, MERCOSUR aiming to expand trade pact by mid-2027
India is working with the MERCOSUR bloc (Argentina, Brazil, Paraguay, and Uruguay) to expand their trade agreement by mid-2027.
The goal? Make it easier for both sides to do business together and open up new opportunities.
According to Vimal Anand from India's Commerce Department, they're aiming to set the groundwork in just two months.
MERCOSUR deal could add 1,500-3,000 items
Right now, the deal covers about 450 products with lower tariffs. The new plan could expand the list to about 1,500-3,000 items (think engineering goods, cars, medicines, and electronics) making it way easier for Indian companies to reach Latin American markets.
Plus, cutting those steep import duties (up to 50% in places like Brazil and Argentina) could mean better prices and more choices on both sides.
India's Latin America exports $15.17 billion
India's exports to Latin America were $15.17 billion in FY 2025 (2024-25) but still make up less than 2% of what the region imports overall.
There's huge room for growth here, and with Latin America's rich reserves of oil, gas, and minerals, this expanded deal could be a smart move for India looking ahead.