labels: economy - general
India-Argentina trade gears up for PTA regimenews
Our Economy Bureau
25 November 2004

Mumbai: Steady economic growth and improving trade ties between India and Argentina have boosted the volume of business to$611.30mn this year between the two countries registering a healthy growth of 31.62 per cent, compared to last year's US $464.43. This was stated by J M Gandhi, chairman, Mutual Mecaplast, at a seminar, 'Argentina-India: Opportunities for Business,' in Mumbai.

However, he also added, "Though the current trade volume is impressive, it is well below the true potential." The seminar was jointly organized by the Confederation of Indian Industry (CII) and Chamber of Commerce & Industry, Argentina-India (CICAI) and attended by a visiting multi-sector delegation from Argentina and from Indian industry.

During the course of his address, Gandhi said that the Argentinian delegation's visit assumes significance, in the wake of the imminent signing of a Preferential Tariff Arrangement (PTA) between India and MERCOSUR region, which includes Argentina.

"The PTA with MERCOSUR, which is the largest trading block in the region and the third largest in the world after NAFTA and EU, will provide the necessary fillip to the ever increasing economic and business relationship between India and the MERCOSUR countries," he said. Given the long association between the two countries, India is looking at Argentina as a gateway to the Latin American markets.

According to Depinder Lamba, president, CICAI, and leader of the visiting delegation, "There is potential to increase the trade ten-fold.Despite various efforts made by both governments to boost trade, there still lies a big vacuum to be filled. "

In a presentation on Argentina as an attractive investment destination saying, CICAI representative, Alejandro Salesi said, "A robust economy with 8 per cent growth, skilled and educated manpower at low cost, favourable treatment to foreign investors, investor-friendly legal framework and abundant natural resources are just a few factors that make Argentina an attractive proposition."


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India-Argentina trade gears up for PTA regime