New Delhi, Oct 16 (UNI) India and Brazil today agreed to expand the Framework Agreement between India and MERCOSUR member States to make it substantial for a significant share of bilateral trade to benefit from tariff preferences.

Commerce Minister Piyush Goyal and Brazilian Vice President Geraldo Alckmin welcomed the interest of both India and MERCOSUR member States in deepening their existing Preferential Trade Agreement (PTA) for promoting trade and investment.

MERCOSUR is a South American trade bloc established in 1991 and comprises five full members, seven Associate countries and two observer countries. The member States are Argentina, Brazil, Bolivia, Paraguay and Uruguay, Venezuela is an Associate member. It was a full member but was suspended in 2016.

Recalling the Framework Ag

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