India on Monday hoped Argentina would soon scrap the existing ban on its finished pharmaceutical products and increase trade between the two countries.
"I hope the existing ban (on finished pharma products) would end and the countries would explore trade possibilities in all potential sectors," Anwar Haleem, Director (Latin American Committee), Ministry of External Affairs, said at a CII seminar in Delhi on Monday.
A multi-sectoral trade delegation from Argentina is in the country to explore business opportunities in India and has already visited Mumbai.
Though the bilateral trade has been positive in the last couple of years, there still remain vast opportunities that need to be tapped, President of Chamber of Commerce and Industry Argentina-India, Depinder Lamba, said.
The trade between India and Argentina grew 31 per cent to $611 million in 2003-04 from $465 million in 2002-03.
Asserting that Argentina could offer a significant platform to India for improving its businesses in the Mercusor market, Lamba said though both the economies are complementary, they have not reached even 10 per cent of their full potential in terms of bilateral trade.
Haleem added India has made remarkable progress in sectors like IT, and automobiles and Argentina could look for possible opportunities in these areas.
The balance of trade was in favour of Argentina in 2003-04 with India's imports from Argentina constituting $566 million, while its exports to the country stood at $131 million during the period.