India-mercosur Pta

India-MERCOSUR PTA South American nations keen on trade pacts with India Bilateral trade pacts and free trade agreements with countries in Latin America will play a role in increasing trade with India, according to ambassadors from four South American countries. While assuring support to inbound investments, providing swift clearances and visas, the ambassadors of Mexico, Peru, Uruguay and Paraguay all football-loving nations said there is growing interest for cooperation in information technology and other spheres such as oil and gas and agriculture. There is growing interest in oil exploration in Mexico; Reliance Industries and the Jindals have already set up operations there, Mr Jaime Nualart, the Mexican ambassador, said. He said the stable Mexican peso, a growing middle-class and steady economic growth offer opportunities for new companies. The country is amongst the largest exporters of automobiles, flat TVs and mobile phones, including the Blackberry that most executives use. EEPC India has outlined plans to host a mega event in Mumbai next year and representatives from South American countries would be invited to participate in it. MERCOSUR is a trading bloc in Latin America comprising Brazil, Argentina, Uruguay and Paraguay. It was formed in 1991 with the objective of facilitating the free movement of goods, services, capital and people among the four member countries. It is the third largest integrated market after the European Union (EU), North American Free Trade Agreement (NAFTA).   A Framework Agreement had been signed between India and MERCOSUR on 17th June 2003 at Asuncion, Paraguay to create conditions and mechanisms for negotiations in the first stage, by granting reciprocal tariff preferences and in the second stage, to negotiate a free trade area between the two parties in conformity with the rules of the World Trade Organization.   A Preferential Trade Agreement (PTA) was signed in New Delhi on January 25, 2004 with the aim to expand and strengthen the existing relations between MERCOSUR and India and promote the expansion of trade by granting reciprocal fixed tariff preferences with the ultimate objective of creating a free trade area between the parties.   The India-MERCOSUR PTA provides for five Annexes. These five Annexes had been finalized during six rounds of negotiations in order to operationalize the PTA. These have been signed between the two sides on March 19, 2005, upon the conclusion of G-20 Meeting in New Delhi.          Annex I  Offer List of MERCOSUR for tariff concession on Indian products in MERCOSUR. It contains 452 products.          Annex II  Offer List of India for tariff concession on MERCOSURs products in India. It contains 450 products.          Annex III Rules of Origin          Annex IV Safeguard Measures          Annex V Dispute Settlement Procedure (DSP) The major products covered in Indian offer list are meat and meat products, organic & inorganic chemicals, dyes & pigments, raw hides and skins, leather articles, wool, cotton yarn, glass and glassware, articles of iron and steel, machinery items, electrical machinery and equipments, optical, photographic & cinematographic apparatus   The major product groups covered in the offer list of MERCOSUR are food preparations, organic chemicals, pharmaceuticals, essential oils, plastics & articles, rubber and rubber products, tools and implements, machinery items, electrical machinery and equipments   India MERCOSUR PTA came into effect from 1st June, 2009.