India Targets $100 Billion Trade with Latin America & Caribbean
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Synopsis
India is set to significantly increase its trade with Latin American and Caribbean nations to $100 billion, as stated by Commerce Secretary Sunil Barthwal during the 10th CII India-LAC Conclave. The focus is on addressing key trade issues and fostering bilateral cooperation across various sectors.
Key Takeaways
- India aims for $100 billion trade with LAC.
- Importance of addressing trade barriers.
- Potential collaboration in agriculture and renewable energy.
- Commitment to enhancing healthcare cooperation.
- Focus on supply chain diversification.
New Delhi, March 19 (NationPress) India is eager to enhance its trade with the Latin American and Caribbean (LAC) nations, aiming for a remarkable $100 billion milestone, as highlighted by Commerce Secretary Sunil Barthwal on Wednesday.
During the 10th CII India-LAC Conclave, themed Advancing Economic Alliances for Collaborative Growth, Barthwal articulated that trade will serve as the key engine for growth in both regions. He emphasized the importance of addressing fundamental trade challenges, including tariffs, non-tariff barriers, and regulatory obstacles to enhance bilateral trade and investment.
Cuba’s Deputy Prime Minister Eduardo Martinez Diaz noted that stronger bilateral and multilateral ties between LAC countries, such as Cuba and India, would enrich relations among nations in the Global South.
He pointed out that India could play a pivotal role in the LAC region, particularly in sectors like agriculture, food security, transportation, ICT, and renewable energy. He also emphasized Cuba’s involvement as a founding member of the International Solar Alliance and the significance of renewable energy collaboration.
Minister of State for External Affairs Pabitra Margherita remarked that India’s expanding diplomatic presence in LAC countries underscores New Delhi’s commitment to fortifying bilateral and regional relationships.
The minister highlighted the seven pillars of cooperation—capacity building, agriculture and food security, renewable energy and climate change, innovation, technology and trade, cricket and culture, ocean economy and maritime security, and healthcare—as vital components of India-LAC relations. These pillars were introduced by Prime Minister Narendra Modi during the 2nd India-CARICOM summit.
Furthermore, the minister urged India and LAC to focus on supply chain diversification and reiterated India’s commitment to partnering with LAC in delivering affordable and quality healthcare and sharing Digital Public Infrastructure (DPI) products like the Unified Payments Interface (UPI). He pointed out the necessity for increased interactions, expediting processes, and resolving existing challenges to enhance India-LAC bilateral trade.
