India Aims To Double Trade With Latin American & Caribbean In 5 Years: Piyush Goyal

(MENAFN- KNN India) New Delhi, Mar 20 (KNN) Union Minister of Commerce & Industry, Shri Piyush Goyal, called for strengthening economic ties between India and the Latin American and Caribbean (LAC) region during his address at the 10th CII India-LAC Conclave in New Delhi.

The minister emphasised that despite growing engagement, significant untapped potential remains for expanding trade and economic cooperation between the regions.

Minister Goyal highlighted that the India-LAC partnership extends beyond commercial interests to encompass cultural exchanges, shared traditions, and a mutual commitment to heritage preservation.

He noted that common passions for festivals, sports, and rich historical legacies provide a strong foundation for enhanced economic collaboration.

The conclave, according to the minister, serves as an essential platform for fostering enduring economic ties and deeper people-to-people connections.

Setting an ambitious agenda, Goyal proposed doubling trade volumes within the next five years by focusing on key sectors including engineering, healthcare, renewable energy, critical minerals, tourism, agriculture, gems and jewelry, and digital services.

This target reflects India's strategic intent to diversify its international trade partnerships beyond traditional markets.

The minister outlined several priority areas for deeper cooperation, including trade expansion through preferential agreements with MERCOSUR and bilateral arrangements where appropriate.

Renewable energy emerged as a significant focus, with Goyal emphasising potential collaboration leveraging the LAC region's substantial lithium reserves.

He proposed joint ventures in lithium processing, battery manufacturing, and electric mobility, while also referencing the existing India-Brazil cooperation in biofuels and prospects for ethanol-powered vehicles.

Agriculture and food security were identified as crucial partnership domains, with Goyal suggesting that India and LAC countries could complement each other's needs through investments in climate-resilient agriculture, post-harvest storage, cold chain logistics, and value-added food processing.

The minister also stressed the importance of enhancing trade infrastructure through improved shipping routes, direct air connectivity, and digitalised customs procedures to streamline market access.

Goyal advocated for expanding sectoral engagement beyond traditional industries, encouraging collaboration in pharmaceuticals, artificial intelligence, digital public infrastructure, and high-end manufacturing.

While acknowledging current challenges including the global economic slowdown and supply chain disruptions, he affirmed India's commitment to strengthening economic ties with the LAC region.

(KNN Bureau)

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