Uruguay
India Seeks to Expand Its Ties with Uruguay and Calls for a Review of the Trade Agreement with Mercosur
Ambassador Binoy George said bilateral trade is below its potential. According to what he told Búsqueda, the current framework between India and Mercosur did not deliver the expected increase in trade with Uruguay.
India aims to deepen its relationship with Uruguay on the political, economic and societal fronts, in an international context that, according to Ambassador Binoy George, makes the security of supply chains a priority once again. In an interview with Búsqueda, the diplomat said bilateral trade remains far below its potential and raised the need to give fresh momentum to the agreement between India and Mercosur.
George, who arrived in Montevideo in July and presented his credentials to Yamandú Orsi on September 7, linked the opening of the Indian embassy in Uruguay to a long-standing relationship between the two countries. He also stressed that New Delhi seeks to strengthen both the bilateral and multilateral ties with Uruguay, which he described as a stable and relevant actor in regional and international forums.
In that context, he said the trade preferences agreement between India and Mercosur, in force since 2009, had a limited scope. In his view, the small number of tariff lines ended up acting as a constraint for businesspeople and investors on both sides. For that reason, he said it will be necessary to review it or expand strategic sectors so trade can grow.
According to what he explained to Búsqueda, India sees opportunities to buy Uruguayan products that complement its domestic demand. He mentioned possibilities for sheep meat, soybean oil and premium goods such as caviar, olive oil or fine cheeses, supported by the growing purchasing power of India’s middle class. He also said the relationship should not be limited to primary goods and could extend to technological partnerships, fintech, advanced manufacturing and co-investments.
The ambassador framed this interest in a global scenario marked by conflict and uncertainty. He said that over the past three or four years the need to diversify suppliers and strengthen reliable supply chains has increased, a priority that, in his view, opens space for closer cooperation between India, Uruguay and Latin America.
On the Brics, George told Búsqueda that it is up to Uruguay to assess whether the bloc’s principles and objectives align with its foreign policy. He recalled that the country took part in the latest summit in Brazil as a partner and that it was invited by India as a dialogue country because it held the Celac presidency. Regarding the relationship with the United States, he said India’s presence in Latin America does not compete with Washington and described it as complementary.
Sources
About this note. Written by El Notero with assistance from artificial intelligence, based on what was published by the cited outlet. El Notero did not conduct its own reporting on this event.
