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India targets USD 3.5 bn exports to Latin Amercia: Official
Mumbai, Nov 29: India has targeted to more than double its exports to Latin American countries at USD 3.5 billion in the next three years, a senior external affairs ministry (MEA) official said.
Mumbai, Nov 29: India has targeted to more than
double its exports to Latin American countries at USD
3.5 billion in the next three years, a senior external affairs
ministry (MEA) official said.
"Latin Amrican nations are moving towards economic
integration, with likelihood of free trade arrangement, which
will throw up more business opportunities for India," MEA
Joint Secratary R Viswanathan said addressing an interactive
meeting organised by the Indian Chemical Manufacturers'
Association here.
"Our exports to the region are about USD 1.5 billion and our target is to get one per cent share of region's imports (USD 350 billion) in the next three years," Viswanathan said.
The total trade with the region is expected to be USD four billion, exports and imports touching USD two billion mark each, in 2003-04, he said.
Countries in the region like Argentina and Venezuela have witnessed economic crisis but now, the currency risks are low and payments are predictable and stable, the MEA official said.
India has signed a framework agreement with trade grouping like Mercosur and Andean block to strengthen economic relations with prospects for free trade pact, he said.
The Indian pharma and chemical companies having globally competitive quality and cost structures could tap large markets like Brazil and also use Mexico, member of Nafta, as a base for reaching US and Canada, he said.
Bureau Report
"Our exports to the region are about USD 1.5 billion and our target is to get one per cent share of region's imports (USD 350 billion) in the next three years," Viswanathan said.
The total trade with the region is expected to be USD four billion, exports and imports touching USD two billion mark each, in 2003-04, he said.
Countries in the region like Argentina and Venezuela have witnessed economic crisis but now, the currency risks are low and payments are predictable and stable, the MEA official said.
India has signed a framework agreement with trade grouping like Mercosur and Andean block to strengthen economic relations with prospects for free trade pact, he said.
The Indian pharma and chemical companies having globally competitive quality and cost structures could tap large markets like Brazil and also use Mexico, member of Nafta, as a base for reaching US and Canada, he said.
Bureau Report