Paraguayan President Santiago Peña Palacios has called for a renewed push to expand the trade agreement between India and the Mercosur bloc, expressing optimism about deepening economic ties during his ongoing three-day state visit to India.
Speaking at the IMC Chamber of Commerce and Industry in Mumbai on June 4, President Peña emphasized the potential for stronger collaboration between India and Mercosur바카라a South American trade bloc comprising Argentina, Brazil, Paraguay, and Uruguay.
바카라We are very excited and hoping that we can resume the negotiation of the expansion of the free trade agreement between India and Mercosur,바카라 Peña said, highlighting the shared interests and economic complementarities between India and Paraguay.
As part of his visit, President Peña signed a Memorandum of Understanding (MoU) with the IMC and key Paraguayan institutions aimed at boosting bilateral trade, investment, and economic cooperation. The agreement encourages Indian companies to explore investment opportunities in Paraguay, leveraging the country's investor-friendly environment, access to Latin American markets, and rapidly developing sectors like agribusiness, logistics, and clean energy.
Meeting With PM Modi
In New Delhi, President Peña held high-level talks with Prime Minister Narendra Modi, where the two leaders agreed to strengthen cooperation in clean energy, green hydrogen, and biofuels. They also pledged to collaborate on tackling global challenges such as cybercrime, organized crime, and drug trafficking.
The Paraguayan leader also paid tribute to Mahatma Gandhi at Rajghat and met with President Droupadi Murmu and Vice President Jagdeep Dhankhar during his visit.
Paraguay has emerged as a key economic partner for India in Latin America. Indian firms, particularly in the automotive and pharmaceutical sectors, have established a presence in the South American country. Likewise, Paraguayan companies are increasingly engaging with the Indian market, further solidifying bilateral economic ties.
Both countries also share common positions on a range of global issues, including the need for United Nations reforms, the fight against climate change, promotion of renewable energy, and counterterrorism efforts.
President Peña바카라s visit marks a significant step in strengthening diplomatic and economic engagement between India and the Latin American region.
