(MENAFN- IANS) New Delhi, Oct 16 (IANS) India and Brazil have decided to go in for a substantial expansion of the agreement between India and MERCOSUR member states, aiming for a significant share of the bilateral trade to benefit from tariff preferences, according to a joint statement issued on Thursday.

The statement was issued after a meeting held here between visiting Brazilian Vice President and Development, Industry, Trade and Services Minister, Geraldo Alckmin, and India's Minister of Commerce and Industry, Piyush Goyal.

The agreement between India and MERCOSUR, comprising Brazil, Argentina, Bolivia, Paraguay, and Uruguay, was signed on June 17, 2003, with the aim of strengthening relations and promoting the expansion of trade.

According to the joint statement, the expansion of the agreement should cover both tariff and non-tariff issues related to trade and economic partnership.

The next step in this initiative should be the establishment of a technical dialogue between the parties, including the holding of a meeting of the Joint Administration Committee created under Article 23 of the preference trade agreement at the earliest mutually convenient date, with a view to defining the scope of the expansion, the statement further said.

Parties should endeavour to conclude the negotiations within one year from the launch of negotiations, it added.

In addition, the Brazilian side indicated that it will work in a coordinated manner with its MERCOSUR partners towards a substantial, swift, and mutually beneficial deepening of the agreement.

"Reviewed the full spectrum of bilateral trade ties while reaffirming our shared commitment to deepen co-operation and investment ties across diverse sectors, including energy, healthcare, agriculture, and technology," Goyal said after the meeting.

"Shared democratic values and a common vision for inclusive and sustainable growth underpin our partnership," the minister added.

The meeting follows recent high-level discussions between Indian and Brazilian leaders aimed at enhancing trade and investment between the two countries.

Alckmin arrived in India on Wednesday for a two-day visit. He is accompanied by Cabinet Ministers, senior officials and a business delegation.

Following his arrival, he held a meeting with Defence Minister Rajnath Singh. Brazilian Defence Minister Jose Mucio Monteiro Filho was also present during the interaction.

India and Brazil share a strategic partnership. The leaders reviewed the entire range of multifaceted relations in the defence sector between the two countries.

They also exchanged views on areas of mutual interest covering military-to-military and defence industrial cooperation, including joint exercises and training visits.

"The leaders reviewed the progress of ongoing defence-related initiatives and identified priority areas for joint work, including exploring opportunities for co-development & co-production of defence equipment," the Ministry of Defence said in a statement.

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