Argentina has promised to review the ban on import of pharmaceutical products and as a gesture in the positive direction, it announced purchase of $200 million worth of drugs from Indian firms.
The assurance came from Argentina's Minister of Industry Debora Giorgy during a meeting with the visiting Minister of State for Commerce and Industry, Jyotiraditya Scindia, during their meeting in Buenos Aires on Wednesday, according to an official statement issued here.
During the meeting, Mr. Scindia raised issues relating to restriction of Indian firms from exporting pharmaceutical products to Argentina and difficulties for Indian businessmen to obtain Argentine visas. He said these issues had to be resolved if bilateral trade and investment between the two countries has to grow.
“The Indian pharmaceutical industry is among the world's largest and most developed. Increased market access of Indian products can benefit both countries,” Mr. Scindia told Ms. Giorgy.
Mr. Scindia, who is on a 10-day tour to the South American countries, emphasised on the need to deepen the existing preferential trade agreement (PTA) with Mercosur nations, a trading bloc comprising Brazil, Argentina, Uruguay and Paraguay.
Mr. Scindia had already raised the issue of broadening of Mercosur PTA and pushed for bilateral investment promotion and protection agreement with Uruguay. Argentina is a key member of this trading bloc and it should expedite the conclusion of the expansion process.
Currently, India has sent its wish list and is waiting for Mercosur to schedule the next round of negotiations.
The Indian side received assurance of positive consideration from the Argentine side.
Earlier, during his visit to Uruguay, Mr. Scindia pushed for BIPA with Uruguay. During his meeting with the Uruguay's Foreign Minister, Luis Leonardo Almagro Lemas, he said trade between the two countries needs to touch the $1 billion mark from the current levels of $110 million.
“There is tremendous possibility for bilateral cooperation and we need to deepen engagement at the institutional level and expand the strategic relationship,” he said.
