India-Mercosur preferential trading agreement (PTA) is expected to be approved by Brazil around June.
Brazilian Foreign Minister Celso Amorim informed that mere technical formalities were delaying the agreement.
The PTA is likely to be cleared before or soon after President Luiz Inacio Lula da Silva's India tour in June.
All other Mercosur countries including Argentina, Paraguay and Uruguay as well as India have approved this PTA and are awaiting the same from Brazil.
Amorim explained at a press conference, “Ours is a Presidential system where clearing things takes longer.” He further assured, “We will unfailingly support India's demand for special products.”
When this deal is implemented around 460-odd items from India, including leather, footwear, silk, cotton, meat, chemicals and glass & glass products, will enjoy preferential access to the markets of the Mercosur countries.
Meanwhile, 424 products from four Mercosur members will be given preferential access into Indian markets.
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