Latest news with #India-MERCOSUR
Time of India
08-07-2025
- Business
- Time of India
India, Brazil ink 6 pacts, boost defence and anti-terror focus
India and Brazil signed six agreement, including one on combating international terrorism and transnational crime, as PM Narendra Modi held a bilateral meeting with President Luiz Inacio Lula da Silva in capital Brasilia. Tired of too many ads? go ad free now In his media remarks after the meeting, PM Modi underscored India's position on terrorism as he said both India and Brazil believe in "zero tolerance and zero double standards" on terrorism and supporters of terrorism. "We believe there's no place for 'dohre maapdand' on this issue. We strongly oppose terrorists and their supporters," said PM Modi, who was conferred with Grand Collar of the National Order of the Southern Cross by Lula. India and Brazil also signed agreements for cooperation in renewable energy, digital solutions, intellectual property and exchange of classified information. Modi said they set a target of $20 billion in bilateral trade and focused on defence cooperation too with Modi saying the two countries were looking at interlinking their defence industries in a sign of growing trust between them. "Brazil is passionate about football and India about cricket. Whether the ball goes to the boundary or scores a goal, when both are in the same team a partnership of $20 billion is not difficult," said Modi, adding that India-Brazil ties should be "colourful like Carnival of Brazil, full of enthusiasm like football, and bring people together like Samba". Modi said the Global South is the main priority for both democracies and also a moral responsibility. "At a time when the world is faced with tensions and uncertainties, India-Brazil relationship is a strong pillar of balance and stability," he said, adding that both countries backed dialogue and diplomacy for resolving issues. Modi also discussed with Lula expansion of India-MERCOSUR preferential trade agreement for the benefit of both sides.
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First Post
06-07-2025
- Business
- First Post
Modi-Milei talks in Buenos Aires: India, Argentina to boost ties with diversification in trade
India and Argentina have decided to boost ties and work together in areas like minerals, defence, space, energy, pharmaceuticals, and digital payments. The decision came after Prime Minister Narendra Modi met President Javier Milei in Buenos Aires during the first bilateral visit by an Indian Prime Minister to Argentina in 57 years. read more Modi-Milei talks in Buenos Aires: India, Argentina to boost ties with diversification in trade. Image: X India and Argentina have agreed to deepen cooperation in key sectors such as critical minerals, defence manufacturing, space, shale gas, pharmaceuticals, digital health, telemedicine, information technology, and digital payments. The agreement came after wide-ranging talks between Prime Minister Narendra Modi and President Javier Milei in Buenos Aires on Saturday night. This marks the first bilateral visit by an Indian Prime Minister to Argentina in 57 years. Modi had previously visited the country in 2018 for the G20 Summit. He arrived in Buenos Aires earlier in the day and received a ceremonial welcome at Ezeiza International Airport. STORY CONTINUES BELOW THIS AD The two leaders held delegation-level talks after Modi paid tribute to General Jose de San Martin, Argentina's national hero. President Milei then hosted a lunch in his honour. Officials said the two sides agreed to set up a joint working group on agriculture and explore cooperation in drones and defence manufacturing. India also offered to support the maintenance of Argentina's military helicopter fleet and proposed several military platforms. In trade, Modi called for Argentina's support to expand the India-MERCOSUR trade agreement. MERCOSUR is a South American trade bloc comprising Argentina, Brazil, Paraguay, and Uruguay. India also pushed for greater market access for its pharmaceutical products, suggesting a regulatory upgrade from Annex II to Annex I in Argentina's pharma classification system to ease entry. Argentina, in turn, briefed the Indian side on its fast-track approval system for Indian medicines. Digital cooperation was another key focus, with Modi highlighting the success of India's Unified Payments Interface (UPI). President Milei expressed strong interest in adopting UPI, especially in terms of how it could help Argentina's central bank manage monetary policy more effectively. The two leaders also reviewed progress on cooperation in critical minerals like lithium—essential for India's clean energy goals. A memorandum of understanding (MoU) was signed in August 2022, and the first joint working group meeting under this MoU took place in January. India and Argentina elevated their relationship to a strategic partnership in 2019 during the visit of then-President Mauricio Macri to India. STORY CONTINUES BELOW THIS AD Bilateral trade between the two countries has been growing steadily. Trade volume more than doubled from 2019 to 2022, peaking at $6.4 billion. In 2024, the total trade stood at $5.23 billion, making India Argentina's fifth-largest trading partner. Following the talks, Modi received the Key to the City of Buenos Aires from Mayor Jorge Macri. In a post on X, Prime Minister Modi said, 'Excellent meeting with President Javier Milei of Argentina. We are marking 75 years of India-Argentina diplomatic relations and 5 years since we elevated our relationship to a Strategic Partnership. We have covered significant ground, but we agree the journey ahead is even more promising!'
