Bilateral trade pacts and Free Trade Agreements with some countries in Latin America will play a role increasing trade with India, according to ambassadors from four South American countries.

While assuring support to inbound investments, providing swift clearances and visas, Ambassadors from LAC countries -- Mexico, Peru, Uruguay and Paraguay, all football loving nations, said that there is growing interest for cooperation in the areas of services such as information technology and other spheres such as oil and gas and agriculture.

During an interactive session hosted here by EEPC India (formerly Engineering Export Promotion Council), they see headway in some of the bilateral treaties that foster trade.

Mr Javier Paulinich Valarde, Peruvian Ambassador to India, said “if the talks on Free Trade Agreements materialise, to pave way for pact, it would accelerate trade between the two countries.”

The trade with India is set to hit the $1 billion mark, up from $854 million last year.

There is growing interest in oil exploration in Mexico. Reliance Industries and Jindals have already set up there operations, Mr Jaime Nualart, Ambassador of Mexico, said.

He said that the stable Mexican peso and growing middle class and steady economic growth offers opportunities for new companies. The country is amongst the largest exporters of automobiles, flat TVs and mobile phones, including Blackberry.

Mr Cesar Ferrer, Ambassador of Uruguay, said “Preferential Trade Agreements will play a role in developing trade. Indian companies could use some of the countries in Latin America as gateway to other markets and also as logistics hub.”

Mr Genaro Vicente Pappalardo, Ambassador of Paraguay, said that the country

with large hydel power generation and a small population of six million offers scope in the areas of services and agriculture.

EEPC India outlined plans to host a mega event in Mumbai next year wherein representatives from South American countries were invited to partake.

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