MercoPress. South Atlantic News Agency

India and Argentina sign nuclear cooperation and trade agreements

Indian Prime Minister, Dr Manmohan Singh, greets the Argentine President, Mrs. Cristina Kirchner

India and Argentina signed a civil nuclear pact and nine other agreements to help boost bilateral trade and investment. Argentine President, Ms Cristina Fernandez de Kirchner, on a state visit to India, signed the agreements after extensive discussions with Prime Minister, Dr Manmohan Singh.

“Taking into account their respective capabilities and experience in the peaceful uses of nuclear energy, both India and Argentina have agreed to encourage and support scientific technical and commercial co-operation for mutual benefit in this field” said the joint statement released Wednesday.

The Agreement for Co-operation in the Peaceful Uses of Nuclear Energy was signed by Mr Vivek Katju, Secretary (West) in the Ministry of External Affairs, and the Argentine Foreign Minister, Mr Jorge Talana. Argentina became the seventh country with which India has signed a civil nuclear agreement after the 45-nation Nuclear Suppliers Group lifted a 34-year-old ban on nuclear commerce in September last year.

India and Argentina also signed pacts on business visas, co-operation in science and technology and outer space. Also Memoranda of Understanding were signed in the hydrocarbon sector, sports, trade and geological research.

President Cristina Kirchner addressing a joint meeting of the business chambers said the two countries had set a trade target of 3 billion USD by 2012 from 1.3 billion USD in 2008.

India is Argentina’s second most important trade partner in Asia after China. India’s exports to Argentina include chemicals, auto components, garments, engineering goods, hand tools, jute yarn and leather.

Speaking on the investment environment, Mrs. Kirchner said Argentina has a fiscal surplus and a positive current account which reflect a sound economy and asked Indian businesses to invest in the country.

“Fiscal surplus and positive current account reflect that our macro-economic condition is sound, this shows investment in Argentina will be safe and profitable” she said.

She added that besides food, energy and pharmaceutical, mining is one of the important sectors where Indian businessmen can explore opportunities.

The two countries are also nearing an agreement on easing sanitary and phyto-sanitary standards which govern the trade in agriculture and plant items, the statement said.