India Eyes $100 Bn Trade With Latin American & Caribbean Countries

(MENAFN- IANS) New Delhi, March 19 (IANS) India is keen to double its trade with Latin American and Caribbean (LAC) countries to $100 billion and the path is very clear, Commerce Secretary Sunil Barthwal said here on Wednesday.

Addressing the 10th CII India-LAC Conclave with the theme of Advancing Economic Alliances for Collaborative Growth, Barthwal said: "Trade will be the engine of growth for both regions and that there is a need to address core trade issues such as tariffs, non-tariffs and regulatory barriers between the two sides for bolstering bilateral trade and investments."

In his address at the conclave, Cuba's Deputy Prime Minister Eduardo Martinez Diaz said: "Closer bilateral and multilateral relations between the Latin American and Caribbean (LAC) countries, like Cuba and India would improve relations amongst countries in the Global South."

He said that India could be a partner for the LAC region in agriculture, food security, transportation, ICT, and renewable energy sectors. He also highlighted Cuba's role as a founding member of the International Solar Alliance and underscored the importance of renewable energy cooperation between the two sides.

Minister of State for External Affairs Pabitra Margherita said: "India's growing diplomatic footprint in the Latin American and Caribbean (LAC) countries is a clear indication of New Delhi's commitment to strengthening bilateral and regional ties."

The minister emphasised the seven pillars of cooperation including capacity building, agriculture and food security, renewable energy and climate change, innovation, technology and trade, cricket and culture, ocean economy and maritime security, and medicine & healthcare, as equally important for India-LAC relations. The seven pillars were propounded by Prime Minister Narendra Modi during the 2nd India-CARICOM summit.

The minister stressed the need for India and LAC to continue to work on supply chain diversification. He added that India is committed to partnering with LAC in the areas of providing affordable and quality healthcare and sharing Digital Public Infrastructure (DPI) products such as the Unified Payments Interface (UPI). There is a need for more interactions, fast-tracking of processes and addressing current bottlenecks for bolstering India-LAC bilateral trade, he added.

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