Scope for Enhancing Economic Cooperation Between India and Uruguay

Press Information Bureau

Government of India

Ministry of Commerce & Industry

24-February-2011 14:31 IST

 Scope for Enhancing Economic Cooperation Between India and Uruguay: Anand Sharma

Shri Anand Sharma, Unión Minister of Commerce & Industry in a meeting with the Minister of Industry, Energy & Mining , Uruguay, here today said that there is enough scope for enhancing economic cooperation between the two countries in the areas like agro-business, chemicals, pharmaceuticals, textiles, automobiles & auto parts, machineries, information technology & industrial technology , plastics etc. He further added that we are also keen to expand and diversify our relations and cooperation with Uruguay. During his interaction with the visiting Minister, Shri Sharma informed that considering the huge opportunities in areas of mutual interests, the volume of bilateral trade between the two countries is still low and it could be enhanced sizeably.

Shri Sharma informed that Uruguay is one of the member country of MERCOSUR bloc in South America (Brazil, Argentina and Paraguay are other members). Both sides are of the view that there is an urgent need to significantly increase the number of tariff lines in the existing India-MERCOSUR PTA so that the Agreement could cover a sizeable level of bilateral trade.

Shri Sharma mentioned that realising the importance of the Latin America and Caribbean, Indian Government initiated a programme “FOCUS: LAC”, which provides a number of incentives and financial assistance for supporting and encouraging Indian exporters / companies to boost our trade to the LAC region in which Uruguay is a major partner.

Indo-Uruguay bilateral trade has been growing at a satisfactory rate. During 2009-10, Indo-Uruguayan total bilateral trade was valued at US $ 64.37 million. During 2009-10, Indian exports to Uruguay were US $ 48.33 million. Whereas, Indian imports from Uruguay in the same year were US $ 16.04 million.

Indian exports to Uruguay broadly comprised of chemicals, plastics, electronic goods, pharmaceuticals products, motor cars / tractors, apparel articles etc. Major Indian imports from Uruguay are wool and woven fabrics, wood and wooden articles, paper and paper board, articles of iron & steel, raw hide & skin and leather, miscellaneous products etc.

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