India’s trade agreement with MERCOSUR has been crucial for economic interaction with member countries – Argentina, Brazil, Paraguay, and Uruguay. With Uruguay currently leading the South American trading bloc, talks to expand the deal are planned for the end of August in Montevideo. 

This expansion aims to modernise trade relations by including services, goods, and improved mobility. Ambassador Guani highlighted the importance of this progress and expressed optimism about Uruguay’s role in the process. 

The current trade volume between India and Uruguay is imbalanced, with a significantly higher value of goods imported from India. The Ambassador emphasised the need to balance this trade and highlighted the potential for growth in agricultural trade pending the approval of an MOU on Agriculture.

Uruguay and India want to collaborate in new areas, not just the usual trade. These include information technology, renewable energy, space technology, robotics, drones, and satellites. These are the future of their partnership and can lead to new ideas and advancements.

There are also ongoing discussions on a Social Security Agreement to facilitate professional collaboration between our two countries. It is waiting for approval from India.

Potential cooperation exists in the defence, security, and space sectors. The specifics have not been determined, but the Ambassador is ready to discuss these areas further. Uruguay is strategic for India because it is a good gateway to the rest of South America.

Ambassador Jaideep Mazumdar is visiting Uruguay on September 16 to discuss various issues, including expanding trade agreements and finding new areas of cooperation. The focus will be on turning ideas into practical actions.

The India-MERCOSUR trade agreement is growing, and partnering with Uruguay holds much promise. The partnership is expected to strengthen as both countries explore new areas and update their trade relationships. Uruguay’s key location and India’s increasing influence in global trade make this a great match.

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