Both the countries noted that the bilateral trade at $1.83 billion falls short of trade target of $3 billion set up by two sides in October 2009 during the visit of the Argentine President.

India and Argentina agreed to work towards negotiations for a strategic partnership.

Both sides decided to tackle trade barriers such as regulatory frame works, market access issues, high tariffs, visa and work permits. The two sides agreed to expeditiously implement the decisions taken during the Fourth Joint Commission Meeting, here on Monday.

“In the course of the day for this round of Joint Commission Meeting the Argentine Foreign Minister and I, assisted by respective delegations on either side, have concluded comprehensive discussions on the entire gamut of our bilateral relations,” said the Indian External Affairs Minister Salman Khurshid after talks with the Foreign Minister of Argentina, Hector Timerman.

The Joint Commission meeting focused on several areas of bilateral relations including trade and economy; science and technology, agriculture, pharmaceuticals, market access issues, defence, energy and space. The two sides also exchanged views on regional developments and multilateral issues.

The two sides further reiterated their determination to strengthen on going cooperation in agriculture, pharmaceuticals, textiles, energy and mining with the understanding that intensified cooperation in these sectors is in mutual interest.

Argentina has good reserves of minerals and shale gas.

India offered Argentina to adopt its Jan Aushadhi retail store model for distribution of medicines.

Argentina's Foreign Minister Hector Timerman said : 'South-South cooperation is very important. It has no geostrategic interests.'

“Argentina is currently holding non-permanent membership of UNSC and India wishes to work closely with Argentina on the reform of the UN and other multilateral financial institutions. Our two sides also agreed to be in regular contact in the context of G-20 to defend the interests of developing countries,” said Khurshid.

India and Argentina agreed to promote exchanges and cooperation in culture, academia and tourism. India Cultural Centre would be set up in Buenos Aires.

Apart from filming of Indian movies in Argentina, the possibility of joint production was also discussed.

“Hockey is another sport which is common to our two countries and we could look for cooperation in training and exchanges of coaches,” said Khurshid.

For strengthening academic linkages two sides agreed to set up a ‘Think Tank Forum’. In year 2014, India has planned to organize ‘Festival of India’ in Argentina and would seek Argentine Government’s support.