New Delhi: There is great potential for enhancing trade with Latin American and African countries, Mr Jyotiraditya Scindia, Minister of State for Commerce and Industry, said here on Tuesday. “Ten Free Trade Agreements (FTAs) have been successfully completed, while five limited-scope Preferential Trade Agreements are in the process, and seven more proposals for FTAs are under consideration,” he said at the inaugural session of ‘New Focus Markets: LAC & Africa’, organised by the Confederation of Indian Industry.
In the LAC region, Mr Scindia saw scope in sectors such as agriculture, pharmaceuticals and mining. In the area of renewable energy, India and Brazil have high potential for wind power generation, he added. On India-Africa engagement, he said Africa’s bilateral trade with India had grown from $1 billion in 1990 to $3 billion in 2000. He said the developing world was increasingly becoming an important driver of the world’s economy. “Asia’s share of the global economy in terms of purchasing power parity has risen from 7 per cent in 1980 to 25 per cent in 2010,” he added.