Trade Relation
May cut tariff, non-tariff barriers to push Latin America trade, says trade secy
This story was originally published at 15:12 IST on 19 March 2025
Register to read our real-time news.Informist, Wednesday, Mar. 19, 2025
--Trade secy: Global trade to grow irrespective of rising protectionism
--CONTEXT: Trade Secy Barthwal speaking at CII's 10th India-LAC Conclave
--Trade secy: May cut tariff, non-tariff barrier to push Latin America trade
NEW DELHI – India is looking to find and remove all impediments--whether tariff or non-tariff barriers--to boost trade with the Latin American region, Trade Secretary Sunil Barthwal said Wednesday. The two regions can gain significantly from bilateral trade expansion, considering the huge complementarity among the secotrs, Barthwal added.
As India aspires to double its trade with Latin America, several sectors, including automobile, pharma, electronic, information technology, and engineering, can greatly benefit, Barthwal said at India-LAC Conclave organised by the Confederation of Indian Industry. The two sides had a bilateral trade of $35.73 billion in 2023-24 (Apr-Mar).
New Delhi has been trying to expand its footprint in the Latin American region in a bid to diversify its export destinations. The efforts are in response to India's merchandise exports shrinking 3% in FY24 due to the slump in demand from traditional markets like the US and the European Union.
The Indian government has also been in conversation for a free trade agreement with Peru and Chile in the region for over a year now. India needs to first focus on core trade issues, like tariffs, in trade negotiations to seal the deal faster, Barthwal said.
In the Latin American region, India already has a preferential trade agreemnt with Chile and the MERCOSUR bloc--comprising Argentina, Brazil, Uruguay and Paraguay. India aims to expand the preferential agreement with Chile into a free trade agreement, and expand the pact with MERCOSUR to cover more tariff lines.
"If you look how things are moving around the world, of course there are issues related to certain kind of protectionism, but certainly trade is going to grow," Barthwal said. In fact, another trade ministry official, Ajay Bhadoo, who was also present at the event, suggested that India should collaborate with the Latin American bloc of MERCOSUR, to counter protectionist stance of other regions, like the European Union's Carbon Border Adjustment Mechanism. End
US$1 = INR 86.45
Reported by Krity Ambey
Edited by Vandana Hingorani
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
