News of

Market News

Another mission in South America: To help in deepening cooperation between India and Paraguay.
Feb 23, 2022

To further expand its footprints in South America, India has opened a permanent diplomatic mission located in Asunción, Paraguay. The new ambassador Yogeshwar Sangwan, has earlier this month presented at the National Chancellery, copies of his Letters of Credence to the Deputy Minister of Foreign Affairs, Ambassador Marcelo Scappini Ricciardi.

According to a top diplomat, 'Ambassador Sangwan is the first envoy posted and the opening up of a permanent mission in Asunción, is a reflection of the mutual desire of the two countries to deepen the existing relations.'

Importance of the new mission

This is the second mission in the region to be opened in 2022. The first was in the Dominican Republic and now Paraguay. The focus of the new mission will be to work towards enhancing cooperation in different sectors like trade, infrastructure, education, technology, security solutions, IT, cyber crimes, space cooperation, tourism, agriculture, virtual courts, and cultural ties.' There is also an opportunity in pharmaceuticals, security solutions and providing teachers for teaching English.

Talking to Financial Express Online, Ambassador Yogeshwar Sangwan said 'The focus will be for strengthening cooperation in fields like trade, tourism, animal husbandry, yoga, and much more.'

India-Paraguay Space Cooperation

The South American nation created its own Space Agency in 2014 and very recently its own space policy. This is one country in the region which is not maintaining official relations with China. Space cooperation will be one area where both sides can work together.

As reported by Financial Express Online in 2019, at the end of the bilateral meeting between Vice President M Venkaiah Naidu and his Paraguayan counterpart Vice-President, Hugo Velázquez, both sides talked about cooperation between the space agencies of both countries in various areas like launching of satellites on commercial basis, mapping resources, exchange of earth observation data, personalized training on specific areas of space technology application, support for natural disaster management and much more.

Predictive surveillance via drones (smart aerial vehicles)

The South American nation is looking to India for procuring Smart aerial vehicles, which will be used for gathering real-time Intelligence, surveillance and ISR reconnaissance information. This information as reported by Financial Express Online earlier can help in covering larger territories along the border and identify criminal activities and prevent crimes.

This will also be a market for Indian companies to provide body amour, night vision devices, drones as well as related equipment.

India-MERCOSUR Trade Agreement

Paraguay is one of the member countries and is currently holding the Pro Tempore Presidency of the bloc (PPTP 2022). Other countries of Mercosur grouping are Brazil, Argentina and Uruguay.

India and Mercosur are in talks for expanding the existing Preferential Trade Agreement (PTA) between the two sides. Due to the global pandemic of COVID-19, the negotiations were put on hold. And now with a new Indian mission and an envoy posted in Paraguay, it will be easier for all parties to work together.

Also, as reported earlier, there are differences that need to be resolved among the member countries and then only the negotiations are expected to move forward.

Last week, the XIX Meeting of the Mercosur External Relations Group was held under the presidency of Paraguay, and delegations from Uruguay, Brazil and Argentina were present. The meeting focused on several issues including planning meetings for negotiations and commissions for implementation of agreements with countries like Ecuador, European Union, Dominican Republic among others.

The member countries agreed to prioritize the negotiations in an effort to fulfill the objective of the internationalization of Mercosur.

Why expansion of India-Mercosur PTA?

It will help in achieving a trade target of USD 30 billion by 2030. And the expansion will help in further strengthening trade relations between the two countries.

financialexpress

Trade Leads

Directory's

APEDA Agri Exchange

News & Analysis

Contact

Trade Leads

Directory's

APEDA Agri Exchange

News & Analysis

Follow Us

Contact