NEW DELHI: Amid the global turbulence, govt is stepping up its engagement with Latin America, seeking to diversify its trade basket with talks with Chile scheduled for later this week to finalise a comprehensive trade treaty.Commerce secretary Rajesh Agrawal will be in Chile as part of an effort to bridge some of the gaps related to market access and critical minerals, an official said. “The new govt in Chile is keen on the agreement. Both sides are looking to find solutions to the pending issues and there are only a few issues that need to be resolved. We are trying to move forward,” the official said. India and Chile had signed a preferential trade agreement (PTA) in 2007 and are seeking to enhance the ties.Agrawal’s visit coincides with engagements with Argentina and Brazil, also scheduled for later this week, and officials said that the idea is to step up trade with the region. While expansion of the PTA with Mercosur – which includes Brazil, Argentina, Uruguay, Paraguay and Bolivia – has been on the horizon, the talks are expected to focus more on bilateral issues.Latin America accounts for less than 3.5% of India’s exports, which added up to $4.4 billion during the June quarter. In contrast, imports were of the order of 6.4% and were estimated at just under $14 billion.The talks come amid efforts from some of the Latin American countries to diversify their trade beyond the US and China. India too sees the region as a large market. Separately, talks are underway with Mexico to finalise the terms of reference for a PTA.
