India and the South American trade bloc — MERCOSUR — have decided to expand their existing Preferential Trade Agreement (PTA) and conclude the negotiations within a year of launch.

“The expansion of the agreement should be substantial, aiming for a significant share of bilateral trade to benefit from tariff preferences. The expansion of the agreement should cover both tariff and non-tariff issues related to trade and economic partnership,” India–Brazil Joint Declaration for Deepening of Mercosur–India Trade Agreement said.

MERCOSUR includes Brazil , Argentina, Bolivia, Paraguay, and Uruguay. Chile , Colombia, Ecuador, Peru, Guyana, and Suriname of the trade bloc.

To get the exercise going both sides will set up a technical dialogue and hold a meeting of the Joint Administration Comm

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