India, Latin American bloc launch negotiations to expand trade pact, sign MoU for paperless trade

India and MERCOSUR launched talks to expand their Preferential Trade Agreement (PTA) signed in 2004.

Both sides signed a protocol for electronic Certificates of Origin to facilitate paperless trade and modernize customs procedures.

The move aims to reduce transaction costs, processing time, and improve efficiency in preferential trade under the existing PTA.

India and MERCOSUR have a collective economy of $2.94 trillion, making them a significant trading partner.