Indian Industry and Commerce Minister Jyotiraditya Scindia said Thursday that India and Mercosur countries are discussing the possibility to expand an agreement on tariffs between his country and the South American bloc in November.

“Teams from both sides have been meeting and we pledged to develop a list of new products to be included in the agreement in November this year,” Scindia told a press conference after the India-Brazil Business Meeting in Sao Paulo.

The Agreement on Fixed Tariff Preferences (APTF) between India and Mercosur comprising Argentina, Brazil, Paraguay and Uruguay entered into force in 2009, aiming at creating a free trade area.

The APTF agreement, which currently covers import and export of 452 products, is to gradually increase the categories of products with special taxation.

The extension of the agreement will be of strategic importance to boost trade relations between the countries involved, Scindia said.

Trade volume between Mercosur and India should reach 17 billion U.S.dollars in 2012 and 30 billion dollars in 2030, according to estimates of the Indian minister.

Roberto Giannetti, director of the Department of International Relations of the Federation of Industries of Sao Paulo, said free trade between Mercosur and India would also be beneficial to Brazil.

“We’re very interested in a Mercosur-India free trade agreement. Brazil needs investments to be made in several areas and may also collaborate with India, especially in the supply of food and energy,” he said.

Brazil-India trade increased from 1 billion dollars in 2003 to 4.7 billion dollars in 2008, according to the Brazilian government.