PM tells visiting Paraguay Prez India-Praguay can together expand PTA with trading bloc MERCOSUR

Prime Minister Narendra Modi on Monday told the visiting Paraguay President Santiago Pena Palacois that India and Paraguay can work together to further expand the Preferential Trade Agreement with the trading bloc MERCOSUR.

MERCOSUR (Mercado Común del Sur, or Common Market of the South) is a trading bloc in South America, comprising Argentina, Brazil, Paraguay, and Uruguay. It was founded in 1991 with the aim of establishing a customs union and a common market, allowing for the free movement of goods, services, capital, and people among member countries.

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“We see new opportunities for cooperation in areas such as digital technology, critical minerals, energy, agriculture, healthcare, defence, railways, space, and overall economic partnership. We have a Preferential Trade Agreement with MERCOSUR. We can work together to further expand it,” Prime Minister Modi suggested in his opening remarks during the delegation-level talks with the Paraguay delegation led by President Pena Palacois.

At the invitation of Prime Minister Modi, Mr Pena Palacois, is on a three-day a state visit to India, accompanied by a high-level delegation, including Ministers, senior officials and business representatives.

The State Visit of President Pena Palacois is his first visit to India and only the second by any President of Paraguay.
Asserting that “India and Paraguay stand united in the fight against terrorism,” the Prime Minister said: “There is an immense possibility of cooperation to fight against shared challenges such as cybercrime, organised crime, and drug trafficking….India and Paraguay are integral parts of the Global South. Our hopes, aspirations, and challenges are similar. And this is why we can learn from each other’s experiences to deal with these challenges effectively.”

Recalling that he was pleased that India could extend support to Paraguay by sharing its vaccines during the COVID pandemic,” Mr Modi also added: “I am confident that your visit will add new strength to the pillars of trust, trade, and close cooperation in our relations. It will also add new dimensions to India-Latin America relations. Last year, I attended the CARICOM (Caribbean Community) Summit in Guyana. We discussed enhancing cooperation on many subjects. I think that we can work together with Paraguay and all Latin American countries in all these areas. Once again, a very warm welcome to India.”