India and Argentina exchange 10 MoUs

India and Argentina exchanged 10 Memoranda of Understanding (MoU) during the Argentine President’s visit to India this week. Six MoUs related to Defence Cooperation and others included tourism and pharmaceuticals. At a business forum yesterday, President Mauricio Macri invited the Indian business community to invest in Argentina’s various sectors with an emphasis on its agro-industrial exports.

According to The Hindu, the value of Argentina’s agro-industrial exports to India, concentrated in soybean oil, stand at US$145bn. Moreover, the South American country supplies 7.8% of the food and beverage imports of the Asian nation, as of 2017 figures.

At the forum, Macri indicated new business opportunities between the two nations in the areas of services, knowledge, energy, tourism, and mining. The trade exchange between the two countries is currently valued at approximately US$3bn. DatamarNews reported India intends to earn an additional US$1.5bn in export revenue by exporting apparel, textiles, folding bicycles and home furnishing products to Argentina.

Argentina’s National Statistic Institute (Indec) data shows the country’s foreign trade balance trends with India since 2008: 

Today Mauricio Macri started a 3-day official State visit to Vietnam to deepen the bilateral strategic partnership. The trade exchange between the two countries stood at US$2.9bn in 2018. 

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