India needs to explore trade pacts with Latin America: EEPC

India needs to look at the feasibility of negotiating trade agreements with Latin American nations with a view to promoting commerce and investments, EEPC today said.
"India needs to gear up and explore more preferential trade agreements (PTAs) and economic engagements to ensure bilateral trade and economic relationships with other countries of Latin American. This could be beneficial to enhance trade between two regions," EEPC said in its publication.
The Engineering Export Promotion Council (EEPC) publication -- Doing Business in Latin America and the Caribbean's -- was released by Commerce Secretary Rita Teaotia here.
It also said that many countries in that region present attractive investing opportunities due to their comparatively favourable regulatory conditions.

India has PTAs with some countries in this region including Peru, Chile and MERCOSUR trading bloc. MERCOSUR comprises Latin American nation -- Brazil, Argentina, Uruguay and Paraguay.
During the function, exporters raised the concerns over limitation in cash withdrawal due to demonetisation of Rs 500 and Rs 1,000 currency notes.
On this, the secretary said the government is taking steps and liquidity problem is "just a matter of week".
India's trade with Latin America stood at USD 32.6 billion in 2015.