India and Brazil have reaffirmed their commitment to strengthening trade ties through the expansion of the preferential trade agreement between India and the Mercosur bloc.
The agreement was reached during a meeting between India’s Minister of Commerce and Industry, Piyush Goyal, and Brazil’s Vice President, Geraldo Alckmin, according to
ANI, a partner of TV BRICS.
Building on previous discussions, both sides concluded that an updated deal should establish preferential tariffs as the standard for a greater share of trade between the nations. Particular emphasis will be placed on engaging the private sectors of both countries in the process.
As a next step, the two parties agreed to convene a meeting of the Joint Administrative Committee in the near future to identify specific provisions of the agreement to be expanded. Negotiations are expected to be concluded within a year.
Brazil, for its part, has committed to aligning its position with fellow Mercosur members: Argentina, Paraguay, Uruguay, and Bolivia.
Photo: Oleksii Liskonih /
iStock
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