LOC18:12
15:12 GMT
NEW DELHI, Oct 16 (KUNA) -- India and Brazil on Thursday adopted a Joint Declaration appealing to deepen MERCOSUR India Trade Agreement.
Indian Ministry of Commerce and Industry said in a statement that Vice President of Brazil and Minister of Development, Industry, Trade and Services, Geraldo Alckmin, who is on an official visit to India, and Indian Minister of Commerce and Industry of India Piyush Goyal welcomed the interest of both India and the MERCOSUR member states in deepening their existing Preferential Trade Agreement with a view to promoting trade and investment between the parties.
Both India and Brazil agreed that the expansion of the agreement should be substantial, aiming for a significant share of bilateral trade to benefit from tariff preferences.
They also agreed that the expansion of the agreement should cover both tariff and non-tariff issues related to trade and economic partnership.
Both teams stated that the next step in this initiative should be the establishment of a technical dialogue between the parties with a view to defining the scope of the expansion. "Parties should endeavour to conclude the negotiations within one year from the launch of negotiations," it said.
The Brazilian side indicated that it will work in a coordinated manner with its MERCOSUR partners towards a substantial, swift, and mutually beneficial deepening of the agreement.
The Framework Agreement between India and MERCOSUR was signed on 17 June 2003 with the aim of strengthening relations and promoting the expansion of trade. (end)
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