India keen to triple exports to Argentina, eyes additional $1.5 bn trade
India wants to triple exports to Argentina, eyeing an additional $1.5 billion worth of shipments, and is seeking market access for apparel, textiles, folding bicycles and home furnishing products in the South American country.
Ahead of Argentine President Mauricio Macri’s likely visit to India next month, India is also keen to promote ethnic products such as Alphonso mangoes and Khadi.
“Sophisticated high-end bicycles and bicycle components alone have the potential to offer a $1-billion export opportunity to Indian exporters with another $300-350 million coming from the apparel and textiles industry. There might be collaborations with companies from both countries,” said an official aware of the details.
Indian exporters of office stationery, handicrafts and home furnishing products have pushed for the removal of non-tariff barriers such as custom clearances to help increase current exports of $10 million to $100 million. Exporters also want a reduction in the 25% import duty on sports equipment.
India’s exports to Argentina were $708.7 million in 2017-18, consisting mainly of organic chemicals, vehicles and auto parts, lubricants, machinery, sound and image devices and garments. Imports from Argentina were $2.2 billion, mainly soybean oil, petroleum, copper, sunflower oil, leather, wool and ferroalloys.
“Our trade deficit with Argentina is because of import of agricultural products. We can export low value added products and construction material like PVC pipes and roof tiles. Our ceramic exports were doing well there but Argentina has applied anti-dumping duty on Indian ceramic and vitrified tiles,” said Mohit Singla, chairman of the Trade Promotion Council of India, an organisation under the Department of Commerce.
Lack of direct flight connectivity between LatAm and South Asia is a major roadblock in developing people-to-people interaction, travel and tourism. The two sides are likely to discuss this matter.
Singla said India can also invest in setting up hospitals and diagnostic labs in Argentina.
Source :- Economictimes.indiatimes.com