India and South America's Mercosur trading bloc have signed an agreement slashing tariffs on more than 900 products in a trade boosting measure.

Under the agreement signed Saturday, India is cutting or eliminating tariffs on 450 products while the South American trading bloc is taking similar action on 452 products.

Trade between India and Mercosur reached $1.5 billion last year.

Mercosur comprises Argentina, Brazil, Paraguay and Uruguay. Chile and Bolivia are associate members of the bloc.

India's main exports to Mercosur nations included pharmaceutical and chemical products. Imports included edible oils and non-electrical machinery.