CII hails 'framework agreement'

New Delhi, June 5. (PTI): The CII today welcomed the `framework agreement' signed between India and Andean community nations, saying that it was a precursor to the Preferential Trade Agreement (PTA) with the latter and would significantly help in extension of bilateral trade with Peru.

The agreement with the Andean nations including Bolivia, Colombia, Eucador, Peru and Venezuela, would also pave the way for a similar agreement with Mercosur Group comprising Brazil, Argentina, Uruguay and Paraguay, a Chamber release said.

Such a tie-up at the highest level would provide a major boost to the already expanding trade between India and Latin American countries which stood at $ 2445.44 million dollars in 2001-02 and was growing at a compound annual growth rate of above 35 per cent, it said.