The Total Bilateral Trade Figure between India & Argentina reached USD 3.09 Billion in 2019-20

No.PR-199 August 8, 2020 New Delhi The Total Bilateral Trade Figure between India & Argentina reached USD 3.09 Billion in 2019-20 It is the opportune time for the Industry houses of both nations to come forward and explore trade opportunities in sectors like agriculture & food processing, agri-machinery, pharmaceuticals, healthcare, energy, mining, ICT, plastics & petroleum, handicrafts, toys, automobiles, tyres, bicycles, engineering goods, tourism, mentioned H.E. Mr. Dinesh Bhatia, Ambassador of India to Argentina in the video conference organized by PHD Chamber of Commerce and Industry on 'India - Argentina Business Promotion, Challenges, and Opportunities - Post-COVID 19'. H.E. Mr. Dinesh Bhatia highlighted that total bilateral trade figures of USD 3.09 billion achieved in 2019-20 between both the nations are highly historic that grew tremendously in the last few years with high shares. While giving a brief about Argentina, he mentioned that the commonalities between the two countries in terms of rules of law, security, agriculture dependency, climate diversity, land size make the two countries great trading partner. He mentioned that commodities of imports and exports between the two countries are mainly in vegetable oil, petroleum, organic chemicals, and finished leather among others. Mr. Suresh Kumar, Joint Secretary, FT (LAC), Ministry of Commerce, Government of India in his deliberation mentioned that Argentina has been a leading trade partner in the Latin American region for India and India is also keen to strengthen bilateral ties with Argentina. Our export and imports from and to Argentina have increased from the past few years favorably and, we have a growing trade relationship with each other. India sees Argentina as its major partner in achieving food security and, we are keen on making the investment in Argentina in the field of agriculture. We are taking initiatives to strengthen our relations. India also has an interest in sectors like mining, timber, agrochemicals, pharmaceuticals, automobiles, agriculture machinery, mining machinery, textiles, energy, IT, and many more, said Mr. Suresh Kumar. He further deliberated about the initiatives undertaken by the Ministry of Commerce and Industry to promote trade exchanges of India with Argentina. Mr. Ajay Aggarwal, President, The Toy Association of India, while giving a brief outline about the toy industry and their potential drivers mentioned that by increasing the custom duty of the toy imports, the government of India has opened a level playing field for Indian manufacturers of toys and games. The industry is taking the opportunity for scaling up and reducing the dependency on other countries. Mr. Pradeep Multani, Vice President, PHDCCI in his welcome remarks deliberated about the effect of pandemic on humanity, business and economy, break in the economic activities and disruption in demand and supply. He highlighted that the relationship shared by India and Argentina is based on deep-rooted economic, cultural, and political relations. He urged the Indian Industries to explore more avenues and sectors to further strengthen the bilateral economic relations between the two countries. He also raised concern regarding the impact of international slowdown and how it can bounce back. He suggested the measures that can increase exports from India including additional support of funds; focus on business delegation outbound and inbound; focus on Make In India; enhancing more budget for economic studies; research and development activities; virtual exhibition space and many more. Mr. Amitava Ray, Chair, International Affairs Committee Americas, PHDCCI gave an in-depth insight about the relationship between India-Argentina and discussed about the recent trend of bilateral trade between the two countries. Ms. Rashmi Chopra, Co-Chair, International Affairs Committee Americas, PHDCCI threw light about the sectoral issues faced by the Indian Industry, specifically in the textile sector wherein while doing business in Argentina, it is compulsory to legalize the export documents. Mr. Saurabh Sanyal, Secretary-General, PHD Chamber of Commerce and Industry delivered a formal vote of thanks. He assured that PHD Chamber will stand in full support and solidarity with the nation in strengthening its international relations. He also mentioned that PHD Chamber with support of Embassy of India, Argentina will be organizing Virtual b2B Meet sometimes during 3rd week of September 2020 as a follow up to this interactive session The interactive session was moderated by Mr. Naveen Seth, Principal Director, PHD Chamber and attended by over 100 industry stalwarts from across the world. The conference was organised in association with The Toy Association of India. Ends Media Division PHD Chamber of Commerce and Industry