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Montevideo, September 19th 2018 - 07:41 UTC

Uruguay looking to increase trade and investments with India

Monday, July 6th 2015 - 08:49 UTC
Full article 7 comments
President Tabare Vazquez is planning to visit India next year. Despite potential trade between Uruguay and India is minimal President Tabare Vazquez is planning to visit India next year. Despite potential trade between Uruguay and India is minimal
Foreign minister Nin Novoa is scheduled to attend an India-Latin America conference next October to promote commercial and investment links  Foreign minister Nin Novoa is scheduled to attend an India-Latin America conference next October to promote commercial and investment links

Uruguay's president Tabare Vazquez is planning to visit India next year, while foreign minister Rodolfo Nin Novoa is scheduled to attend the India-Latin-American conference next October. The move is seen as an effort by Uruguay to increase its trade opportunities and access new markets, given the current difficulties to forge an agreement with the European Union.

 Minister Nin Novoa last week was in Peru for the Pacific Alliance presidential summit and had the chance to hold bilateral meetings with representatives from Australia, the European Union and India. Uruguay is an observer of the Pacific Alliance the dynamic trade and investment group made up of Chile, Peru, Colombia and Mexico which strongly favors open markets.

According to Uruguayan sources Nin Novoa in Paracas met with Indian ambassador Riva Ganguly Das who was part of the New Delhi delegation to the Alliance meeting.
Uruguayan sources said that India is much interested in having closer links with Uruguay and also wants to advance with a tariffs' preference accord with Mercosur “to stimulate trade and reciprocal investments”.

Another meeting was with Australia's foreign minister Julie Bishop, both countries Alliance observers and although competitors in sales of farm produce particularly to China, are prepared to identify cooperation areas in agriculture to increase access to third markets.

Finally Nin Novoa held talks with EU representative for the Americas, Christian Leffler, with whom they agree in the need to “advance EU/Mercosur negotiations”.

However this last wish is not certain given Argentina's stance that the five full members must negotiate jointly and not as suggested by Brazil, Uruguay and Paraguay. In effect these three countries are prepared to try a 'two speed' approach, giving time to Argentina to adapt its timing, and eventually join.

But Argentina has insisted that the only and best way to deal with the EU is united as a group, “otherwise the EU is going to flood us with their goods and services”.

Top Comments

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  • ChrisR

    When it comes to signing a deal and committing Uruguay to effectively tell TDC to piss-off, will Vasquez do it?

    I do hope so.

    Jul 06th, 2015 - 11:46 am 0
  • Chicureo

    ChrisR

    Paraguay and Uruguay need to open to as many markets as possible. Mercosur has strangled them.

    Jul 06th, 2015 - 12:13 pm 0
  • chronic

    I think that India is a natural trading partner for Uruguava. With the cost of oceanic transport continuing to feel downward price pressure, all of LatAm can purchase manufactured goods that are of a more appropriate quality point and technological itteration than Europe and North America and Japan are willing to supply.

    Jul 06th, 2015 - 02:50 pm 0
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