India seeks bilateral trade deals with Mercosur countries

India's Commerce Minister Piyush Goyal has proposed signing individual free trade agreements with Mercosur countries. Mercosur is a trading bloc made up of Argentina, Brazil, Paraguay, and Uruguay. Goyal's suggestion comes as talks to expand a broader trade agreement have stalled. At a recent event, Goyal stressed the importance of quick negotiations. He expressed concerns about non-market economies, especially China, using the Mercosur region as a route to India. He highlighted the need for India to secure its interests while negotiating trade deals. Goyal pointed to India’s success with a bilateral trade deal with the UAE, which was made when talks with Gulf Cooperation Council nations were slow. He also mentioned ongoing efforts to deepen trade relations with Chile, where India aims to transform an existing agreement into a more comprehensive partnership. In addition, Goyal discussed the progress of trade talks with Peru, indicating that negotiations have been prolonged. He stated the need for decisive action to finalize agreements quickly. Goyal warned that drawn-out discussions seldom lead to strong partnerships and emphasized the necessity to act promptly. The minister reiterated India's commitment to ensuring that any future trade agreements consider the influence of non-market economies in the region. He argued that mutual respect for sensitivities among countries could facilitate faster trade expansion.