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Mitra urges for preferential trade ties with LAC countries

IANS  |  Kolkata 

Finance Minister on Thursday called for preferential trade agreements with the Latin American and (LAC) countries.

"visited in 2014 during the conference... But unfortunately since 2014, we (the Centre) have not engaged at the highest level with the Latin American (countries). I think that is a great loss.

"Don't worry, is here... We will certainly push our to engage with this great part of the world," he said at a seminar "India-LAC Business Cooperation: Special focus on West Bengal", organised by the

There have been five visits by Latin American leaders to since 2014, he said, adding that bilateral trade value between and touched US $48 billion in 2014 and it has dipped from there.

Mitra also called for preferential trade pacts with these countries and urged to indentify core sectors to increase trade between and the LAC countries.

"India needs to build a sustained long-term relation with Latin American nations. We need to identify our core competencies and enter into more preferential trade agreements (PTAs)," he said.

The of Venezuela, Brazil, Paraguay, Cuba, Colombia, Mexico, Guatemala, & Tobago, Guyana, Ecuador, Argentina, Panama, Dominican Republic, El Salvador, Peru, Surinam, and were present at the meeting.

Mitra has invited 18 countries from and to participate in the next edition of Bengal Global Business Summit to be held in February next year.

According to him, leather, textiles, ITeS, and petrochemicals could be the areas of co-operation between and Latin American countries.

"There could be state-to-state collaboration also like we did in with North Rhine-Westphalia," he added.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 29 2018. 19:14 IST