India and Latin America are On the Brink of Doubling Their Trade Volume By the Year 2027
India has set an ambitious objective of doubling its bilateral trade with the countries of Latin America and the Caribbean (LAC) by the year 2027, as stated by the External Affairs Minister, S. Jaishankar, during the inaugural session of the India–LAC Conclave.
During a gathering organized by the Ministry of External Affairs in collaboration with the Confederation of Indian Industry (CII), the diplomat expressed his confidence that India and its regional partners have the potential to increase their trade turnover to a remarkable $100 billion within three years. To achieve this objective, the government has devised a comprehensive four-pronged strategy aimed at fostering economic cooperation.
According to official data, the total volume of trade between India and the LAC countries amounted to approximately $50 billion during the 2022–2023 period. It is worth noting that one of the key objectives of this initiative is to promote sustainable economic growth and diversify trade partnerships within the region.
One of New Delhi’s most significant trading partners in the region is Brazil, with the volume of trade exceeding 10 billion dollars. Jaishankar, the Indian Minister of External Affairs, emphasizes that one of the key areas for strengthening trade ties is the diversification of supply to maintain the stability and sustainability of production networks. This applies not only to industrial production, but also to ensuring food and energy security.
In this context, India, the fifth-largest economy in the world and one of the largest energy importers, is interested in increasing the supply of hydrocarbons, minerals, and agricultural products from Latin America. In turn, Indian companies are prepared to provide Latin American countries with goods and services tailored to the needs of their middle class.
The minister also highlighted the importance of exchanging expertise between the two sides in the fields of digital technology, healthcare, and agriculture. With this goal in mind, he proposed developing mobility programs.
The proposed programs encompass a wide range of areas, including legislation, labour, and technology, aimed at addressing global challenges such as climate change, the food crisis, and migration in a collaborative manner.
According to official data, the total volume of trade between India and the LAC countries amounted to approximately $50 billion during the 2022–2023 period. It is worth noting that one of the key objectives of this initiative is to promote sustainable economic growth and diversify trade partnerships within the region.
One of New Delhi’s most significant trading partners in the region is Brazil, with the volume of trade exceeding 10 billion dollars. Jaishankar, the Indian Minister of External Affairs, emphasizes that one of the key areas for strengthening trade ties is the diversification of supply to maintain the stability and sustainability of production networks. This applies not only to industrial production, but also to ensuring food and energy security.
In this context, India, the fifth-largest economy in the world and one of the largest energy importers, is interested in increasing the supply of hydrocarbons, minerals, and agricultural products from Latin America. In turn, Indian companies are prepared to provide Latin American countries with goods and services tailored to the needs of their middle class.
The minister also highlighted the importance of exchanging expertise between the two sides in the fields of digital technology, healthcare, and agriculture. With this goal in mind, he proposed developing mobility programs.
The proposed programs encompass a wide range of areas, including legislation, labour, and technology, aimed at addressing global challenges such as climate change, the food crisis, and migration in a collaborative manner.
"We are committed to collaborating with LAC countries to foster the mobility of professionals between our organizations," the minister stated with confidence. "By harnessing our collective strengths, expertise, capacities, and resources, we aim to forge a robust partnership that will bring mutual benefit to both our regions."
The foreign minister underscored that within the context of India's partnership initiative for development, New Delhi has extended 35 lines of credit to the states in the region over the past few years, amounting to nearly 900 million dollars in total. Additionally, India has implemented 21 projects focused on infrastructure development in Latin America.
The President of the CII, R Dinesh, for his part, called for more collaboration in areas such as sharing resources for a sustainable economic development, transferring technology to improve food security, and integrating into global production networks. He proposed establishing free trade zones to boost economic interaction and attract investments.
The President of the CII, R Dinesh, for his part, called for more collaboration in areas such as sharing resources for a sustainable economic development, transferring technology to improve food security, and integrating into global production networks. He proposed establishing free trade zones to boost economic interaction and attract investments.
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