New Delhi, Sept. 14 -- India and the South American trade bloc MERCOSUR have announced plans to begin negotiations to expand their existing trade agreement, the Commerce Ministry stated on Monday, as New Delhi pursues diversified export markets and deepens commercial links amid global economic volatility.

The pact, active since June 2009, presently grants India tariff concessions across 450 product categories, while MERCOSUR provides reductions on 452 lines. Two-way commerce between India and the grouping reached USD 21 billion in 2025.

Commerce and Industry Minister Piyush Goyal and Uruguay's Minister of Foreign Affairs Mario Lubetkin declared the commencement of the negotiations, according to a statement released by the Commerce Minis...