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It is a landlocked country in south-central South America.
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Rivers provide access to the Atlantic Ocean and serve as sites for the hydroelectric power plants that have made Paraguay one of the world’s largest exporters of hydropower.
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Paraguay is a member of MERCOSUR.
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The Southern Common Market (MERCOSUR for its Spanish initials) is a regional integration process, initially established by Argentina, Brazil, Paraguay, and Uruguay, and subsequently joined by Venezuela and Bolivia.
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India has a preferential trade agreement with MERCOSUR.
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It had set up its mission in Delhi in 2006.
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Why in news? Cabinet approved opening of Indian Mission in Paraguay.
