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India pledges greater economic cooperation and trade with Uruguay

Friday, February 25th 2011 - 01:04 UTC
Full article 3 comments
Members of India and Uruguay chambers of commerce celebrate the agreement (The Hindu courtesy)  Members of India and Uruguay chambers of commerce celebrate the agreement (The Hindu courtesy)

India pledged on Thursday greater economic cooperation with Uruguay in sectors such as agriculture, pharmaceuticals, textiles, automobiles, machineries and IT. In 2009-10, bilateral trade stood at 64.3 million US dollars.

The two counties also agreed on the need to increase the number of products currently covered by the India-Mercosur preferential trade agreement.

The announcement was made during a meeting in Delhi between India’s Minister for Union Commerce and Industry Anand Sharma and visiting Uruguayan minister for Industry, Energy and Mining Roberto Kreimerman.

“Enough scope is available for enhancing economic cooperation between the countries in areas such as chemicals, agro-business, pharmaceuticals, textiles, automobiles, machinery, IT and plastics” said Mr. Sharma in a statement.

Kreimerman said that considering “the huge opportunities in areas of mutual interest, bilateral trade can only grow”.

Minister Sharma said that the Indian government had launched the program ‘FOCUS: LAC', which provides incentives and financial assistance to support and encourage Indian exporters and companies to boost trade with Latin America and the Caribbean.

India's main exports to Uruguay include chemicals, plastics, electronic goods, pharmaceuticals, cars, tractors, and apparel, while it imports wool, woven fabrics, wooden articles, paper, raw hide and skin and leather.

Parallel to the ministerial meeting the Federation of Indian Chambers of Commerce and Industry signed with its Uruguayan counterparts, Uruguay's Chamber of Industries, Chamber of Commerce and Services, Chamber of Agro-products Commerce and Exports, three accords to enhance trade and cooperation between the two countries.

Uruguayan Vice President Danilo Astori, who is leading a numerous official and business delegation one week visit to India, was present at the ceremony.

Top Comments

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  • briton

    do you ever get that feeling your either dreaming or mad, here is a country that is trading all over the world, getting all the praises, a massive military,
    nuclear weapons, missiles, and even a bloody space program,
    and here we are skint, but still give INDIA 250 million this year alone,
    mugs or what .

    Feb 25th, 2011 - 12:38 pm 0
  • lsolde

    Briton, when l was in Papua New Guinea, Australia used to provide cash, etc(no strings attached) for one third of their budget and PNG has richer soil and far more mineral resources than Aust has. They had every mineral known to man except oil and coal. Now they have found them also.
    As my kids say,“go figure”

    Feb 26th, 2011 - 10:26 am 0
  • briton

    Well the papers [if you believe them]
    state the government is withdrawing millions from countries that do not warrant help.
    but it wont be this year. once again the taxpayers have to pay for their own government incompetence.

    Feb 27th, 2011 - 08:08 pm 0
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