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Scindia.Thmb.jpg Argentina to buy drugs worth USD 200 mn from India

scindia04052011.jpg
Minister of State for Commerce and Industry, Jyotiraditya Scindia addressing the India-Argentina Business Seminar, at Buenos Aires on May 03.
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SME Times News Bureau | 04 May, 2011
Minister of State for Commerce and Industry, Jyotiraditya M Scindia, strongly raised the issue of restrictions on Indian firms from importing finished pharmaceutical products to Argintina during his bilateral meeting with Minister Of Industry, Argentina, Debora Giorgy at Buenos Aires late night on Tuesday.

The Argentine Minister assured that she would find a solution to the problem. In the interim, she stated that drugs worth USD 150 to 200 million would be purchased from Indian companies by Argentina.

"The Indian pharmaceutical industry is among the world’s largest and most developed. Increased market access of Indian products can benefit both the countries," Scindia said.

The Indian Minister also highlighted the difficulties for Indian businessmen to obtain Argentine visa. Scindia pointed out that it was a problem that needed resolution if bilateral trade and investment were to grow. Giorgy agreed and promised to resolve this.

"There is a need to introduce a new element in bilateral relationship: P2P i.e. people to people, along with G2G and B2B," emphasized the Indian Minister.
 
Widening and deepening of the MERCOSUR PTA has emerged as the key agenda for the visit. The issue was raised by Shri Scindia as an important tool to enhance bilateral trade. 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. Indian side received assurance of positive consideration from the Argentine side. Argentina is one of the leading members of MERCOSUR the 3rd largest economic bloc. Other members of this bloc are Argentina, Paraguay and Uruguay. It was formed in 1991 with the objective of free movement of goods, services, capital and people and became a customs union in January 1995.

Scindia highlighted the potential for deepening the engagement between the LAC countries. He emphasised on the similarities, complementarities and the opportunities to work together amidst the changing economic axis of the global world and rising south- south cooperation.

He mentioned that he has constituted a Committee to devise a strategy for enhancing trade and investment in the LAC region under his chairmanship. The success of the FOCUS LAC programme that incentivises exports to the LAC region is crucial for the growth of exports in India.

The Minister identified the potential areas of cooperation between the LAC countries which includes: Automobiles, IT, oil and gas, Textiles, chemicals and pharmaceuticals.
 
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