Uruguay is expected to sign a double-taxation treaty with India to promote and improve trade relations between the two countries, said the Vice-President of Uruguay, Mr Danilo Astori.
Speaking on the sidelines of a reception in honour of the visiting delegation from Uruguay, accorded by Surana & Surana International Attorneys, Mr Astori said, “The necessary formalities (for signing the treaty) are over at our end, and we expect to sign the treaty very soon.” Once signed, it would improve trade relations between the two countries enormously and would also promote investments from India in Uruguay and vice versa.
Talking about the current trend in India-Uruguay trade, he said Uruguay's exports to India in 2010 were $14 million, an increase of 40 per cent over the previous year. However, on the other hand, imports from India rose by 44 per cent in the same year to $59 million.
Uruguay's main exports to India were in the textile and leather sectors while major imports are automobiles and chemicals.