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The Government would make every effort to boost exports to Latin American countries and annexes to the Preferential Trade agreement (PTA) which was signed earlier this year, are being finalized expeditiously to help increase trade with this region. This was stated by the Union Commerce Secretary, Shri S.N. Menon while inaugurating the Indo-LAC Business Meet here today.
Shri Menon pointed out that although India’s trade with Latin American Countries has increased 87 per cent during the last five years, yet country’s share in the global trade of Latin American Countries constitutes only 0.48 per cent. India’s exports to Latin America crossed US $ 1.5 billion in 2003-04 and its imports from this region was approximately US $ 1.1 billion during the same period. On the other hand, global imports of Latin America in 2002 were US $ 330 billion and their total exports were $ 343 billion.
The Secretary informed that the Joint Business Commercial Councils with Brazil and Colombia have been constituted for bringing together the business communities of the two countries to resolve trade disputes and thrash out a strategy for promotion of trade at regular intervals of time.
He also said that the Central Warehousing Corporation is going to open a warehouse in Uruguay shortly to cater to the needs of Indian products in Latin America. Several well known Indian companies have already set up base in Latin America, he informed.
Shri Rakesh Shah, Chairman of the Engineering Export Promotion Council also spoke on the occasion and emphasized the need to tap the new markets. He also informed that the Engineering Export Promotion Council proposes to set up INDIAMART in Sao Paulo, Brazil under the Market Access Initiative Scheme of the Department of Commerce. It will be a multi-purpose outlet of Indian exporters with facilities of a Showroom, Warehouse, Distribution Centre and Marketing Support.
Over 100 Indian leading exporters from India and a large number of entrepreneurs from Latin American countries like Argentian, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Mexico, Panama, Peru, Trinidad & Tobago, Uruguay and Venezuela are participating in this meet.
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