New Delhi: India is looking to double its trade with Latin American and Caribbean (LAC) countries to reach $100 billion, with a clear roadmap for growth, according to Commerce Secretary Sunil Barthwal. Speaking at the 10th CII India-LAC Conclave, he emphasized the need to resolve trade barriers, including tariffs and regulatory issues, to strengthen economic partnerships between the two regions.
Trade as the Engine of Growth
Sunil Barthwal highlighted that trade will drive growth for both India and LAC nations. He stated that addressing non-tariff barriers, customs regulations, and investment challenges is essential for achieving the ambitious $100 billion trade goal. By improving bilateral agreements and trade policies, both regions can unlock new business opportunities and economic prosperity.
At the same event, Cuba’s Deputy Prime Minister Eduardo Martinez Diaz spoke about the importance of closer bilateral and multilateral relations between India and LAC countries. He noted that deeper engagement would strengthen ties within the Global South and create mutually beneficial partnerships.
Opportunities for Cooperation
Latin America and the Caribbean offer immense potential for economic collaboration with India. Eduardo Martinez Diaz identified several key areas where India could become a strategic partner for LAC nations. These sectors include agriculture, food security, transportation, renewable energy, and information technology.
Cuba, as a founding member of the International Solar Alliance, has been actively promoting renewable energy solutions. The Deputy Prime Minister stressed that India and LAC countries must work together on clean energy projects to ensure a sustainable future. By sharing expertise in solar and wind energy, both regions can reduce dependence on fossil fuels and promote green energy solutions.
Diplomatic and Economic Relations
Minister of State for External Affairs Pabitra Margherita emphasized that India’s growing diplomatic presence in Latin America and the Caribbean reflects its commitment to stronger regional ties. He outlined seven key areas of cooperation, which were proposed by Prime Minister Narendra Modi during the India-CARICOM summit. These include:
- Capacity building
- Agriculture and food security
- Renewable energy and climate change
- Innovation, technology, and trade
- Cricket and cultural exchanges
- Ocean economy and maritime security
The Minister stated that India is committed to helping LAC nations in providing affordable and high-quality healthcare. He also highlighted India’s success with Digital Public Infrastructure (DPI) products like the Unified Payments Interface (UPI), which could be introduced in Latin American economies to improve digital transactions and financial inclusion.
Supply Chain Diversification
A major focus of the discussions was the need to diversify supply chains. India and LAC countries are working towards reducing dependency on specific markets and creating more resilient trade networks. The Minister pointed out that removing bureaucratic bottlenecks, increasing business interactions, and fast-tracking processes would help accelerate trade growth between the two regions.
With its commitment to economic partnerships, India is set to play a major role in shaping the future of trade with Latin America and the Caribbean. By focusing on mutual growth, innovation, and sustainability, both regions can achieve the ambitious $100 billion trade target in the coming years.
