The Government of India is presently negotiating a bilateral Board Based Trade and Investment Agreement (BTIA) with the European Union (EU), covering a number of tracks ranging from Trade in Goods to Services. So far fifteen rounds of negotiations have been held, the last being in May 2013 in New Delhi.

India has already signed a PTA with MERCOSUR (a trading block of Argentina, Brazil, Paraguay and Uruguay in South America region) in 2004. The Indian list contains 450 items and the MERCOSUR list contains 452 items. The India – MERCOSUR PTA came into operation from 1st June, 2009. Further, in recognition of growing importance of trade between India and MERCOSUR countries, through IBSA Declaration of 2006, it was agreed that the India- MERCOSUR PTA would be expanded by increasing the number of products to be covered for tariff concessions mutually agreed upon by each side. Accordingly, the process of expansion of India-MERCOSUR PTA and extending it to include Venezuela since it has joined MERCOSUR group in July, 2012 has been initiated.

The information was given by the Minister of State in the Ministry of Commerce and Industry Dr. E.M. Sudarsana Natchiappan in Lok Sabha today.

Bilateral trade agreement negotiations with EU proceed; preferential trade agreement with Mercosur expanding to include additional products and members. Negotiations on a Bilateral Trade and Investment Agreement with the EU are underway covering trade in goods and services, with fifteen rounds held to date. India's existing Preferential Trade Agreement with MERCOSUR (2004) entered into force in 2009; under an IBSA declaration the PTA is to be expanded to cover additional products and to extend membership to Venezuela.