The two counties also agreed on the need to increase the number of products currently covered by the India-Mercosur preferential trade agreement.

The announcement was made during a meeting in Delhi between India’s Minister for Union Commerce and Industry Anand Sharma and visiting Uruguayan minister for Industry, Energy and Mining Roberto Kreimerman.

“Enough scope is available for enhancing economic cooperation between the countries in areas such as chemicals, agro-business, pharmaceuticals, textiles, automobiles, machinery, IT and plastics” said Mr. Sharma in a statement.

Kreimerman said that considering “the huge opportunities in areas of mutual interest, bilateral trade can only grow”.

Minister Sharma said that the Indian government had launched the program ‘FOCUS: LAC', which provides incentives and financial assistance to support and encourage Indian exporters and companies to boost trade with Latin America and the Caribbean.

India's main exports to Uruguay include chemicals, plastics, electronic goods, pharmaceuticals, cars, tractors, and apparel, while it imports wool, woven fabrics, wooden articles, paper, raw hide and skin and leather.

Parallel to the ministerial meeting the Federation of Indian Chambers of Commerce and Industry signed with its Uruguayan counterparts, Uruguay's Chamber of Industries, Chamber of Commerce and Services, Chamber of Agro-products Commerce and Exports, three accords to enhance trade and cooperation between the two countries.

Uruguayan Vice President Danilo Astori, who is leading a numerous official and business delegation one week visit to India, was present at the ceremony.