Enough scope for enhancing India, Uruguay economic cooperation: Anand Sharma

Thursday, February 24, 2011

NEW DELHI - Commerce and Industry Minister Anand Sharma today said that there is enough scope for enhancing economic cooperation between India and Uruguay.

During his meeting with Uruguay’s Industry, Energy and Mining Minister Roberto Kriemerman, Sharma said: “There is enough scope for enhancing economic cooperation between the two countries in the areas like agro-business, chemicals, pharmaceuticals, textiles, automobiles and auto parts, machineries, information technology and industrial technology and plastics.

He further said that we are also keen to expand and diversify our relations and cooperation with Uruguay.

Sharma also informed that considering the huge opportunities in areas of mutual interests, the volume of bilateral trade between the two countries is still low and it could be enhanced sizeably.

He said Uruguay is one of the member country of MERCOSUR bloc in South America (Brazil, Argentina and Paraguay are other members). Both sides are of the view that there is an urgent need to significantly increase the number of tariff lines in the existing India-MERCOSUR PTA so that the Agreement could cover a sizeable level of bilateral trade.

Sharma mentioned that realising the importance of the Latin America and Caribbean, Indian Government initiated a programme “FOCUS: LAC”, which provides a number of incentives and financial assistance for supporting and encouraging Indian exporters / companies to boost our trade to the LAC region in which Uruguay is a major partner.

Indo-Uruguay bilateral trade has been growing at a satisfactory rate.

During 2009-10, Indo-Uruguayan total bilateral trade was valued at 64.37 million dollars. During 2009-10, Indian exports to Uruguay were 48.33 million dollars. Whereas, Indian imports from Uruguay in the same year were 16.04 million dollars.

Indian exports to Uruguay broadly comprised of chemicals, plastics, electronic goods, pharmaceuticals products, motor cars / tractors, apparel articles. Major Indian imports from Uruguay are wool and woven fabrics, wood and wooden articles, paper and paper board, articles of iron and steel and miscellaneous products. (ANI)

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