India and Uruguay identify steps to boost trade and investment
They also reiterated their resolve to strengthen coordination in multilateral and regional fora
Reviewing their ongoing bilateral cooperation, India and Uruguay on Monday identified steps to strengthen and boost sectors including trade and investment and access to pharmaceutical products.
This was among the issues discussed at the 4th Foreign Office Consultations between India and Uruguay held in Montevideo.
According to a press release issued by the Ministry of External Affairs (MEA), the two sides also discussed cooperation in Information Technology sector and strengthening people-to-people ties.
Both sides exchanged views on various regional issues. They reiterated their resolve to strengthen coordination in multilateral and regional fora, the MEA added.
Response to Covid-19 pandemic and access to vaccines and medicines and mutual recognition of Covid certificates were also discussed.
Riva Ganguly Das, Secretary (East), MEA led the Indian delegation while Uruguayan side was led by Carolina Ache Batlle, Deputy Minister for Foreign Affairs, Government of Uruguay, it informed.
According to the MEA, both sides agreed to hold the next consultations at a mutually convenient date in New Delhi.
Relations between India and Uruguay are traditionally warm and friendly and these relations are further gaining momentum with frequent high level visits and interactions.
Foreign Office Consultations have been institutionalized between the two countries through an Agreement signed in 1999.
For the fiscal year 2020-21, the India-Uruguay bilateral trade was USD 268.30 million, with Indian exports at USD 104.71 million and Uruguayan exports at USD 163.69 million.
Timber, shorn wool, edible oils, iron & steel casings and tubes and inorganic chemicals are the main exports of Uruguay to India and plastics, petroleum oils, vehicles, auto-parts and organic chemicals are the main Indian exports to Uruguay.
Uruguay is a member of the trade bloc MERCOSUR, currently also composed of Brazil, Argentina and Paraguay, and headquartered in Montevideo.
An India-MERCOSUR Preferential Trade Agreement (PTA) was concluded 25 January 2004 and became operational in June 2009.