New Delhi, Jul 30 (KNN)  India’s engineering exporters are making a renewed effort to tap into the growing market in Latin American countries through different means and strategies.
 
One of such strategies is to strengthen ties with the Pacific Alliance which comprises five countries including Mexico and Colombia.
 
This bloc which has a free trade agreement amongst its members (under an FTA, goods are traded between members of the agreement at zero duty or negligible duties), has its total global trade engagement exceeding USD one trillion.
 
The issue was discussed at a meeting here today between government-EEPC delegation and ambassadors of the key Latin American countries. 
 
The meeting was held as part of India's initiative to make inroads into the USD one trillion trade combine of the Pacific Alliance countries of Mexico, Colombia, Peru, Chile and Costa Rica. 
 
"Searching new markets is imperative for the Indian engineering exports," said Chairman of the EEPC India, Aman Chadha.
 
Faced with slowdown in the US and European Union markets, India's engineering exports have declined by more than seven per cent in the first quarter of the current financial year. 
 
Both the government and the exporters are making renewed efforts to diversify and explore new markets and the Pacific Alliance which has a free trade agreement among themselves, holds great promise within Latin America.
 
"Latin America is the flavour of the season,” said Joint Secretary in the Ministry of Commerce, Rajiv Arora, seeking enlarged cooperation between Pacific Alliance partners.
 
It was also pointed out at the meeting that the alliance countries are mulling common visas for all the member countries. Once the proposal comes into effect, it would become easier for the business persons to trade with the emerging countries of the alliance.   
 
Senior Vice Chairman of the EEPC India Anupam Shah enquired whether common tariffs were prevalent in the alliance countries, to which the Colombian Ambassador said, the tariffs are homogenous. 
 
India's share in the total import of engineering products of the Pacific Alliance is miniscule whereas there is a great scope for increasing it.  Of their total imports of engineering goods, India's share was not encouraging.
 
The Mexican Ambassador underscored the need for streamlining the issue of visas for business persons from his country into India. The Indian officials present in the meeting assured him to look into the issue and agreed that the business visas should be made available easily.  (KNN/SD)
 
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