India-Latin America & Caribbean Partnership: A Gateway to Transformative Economic and Trade Expansion, Says Piyush Goyal
(By Syed Ali Taher Abedi)
New Delhi – Union Minister of Commerce & Industry, Shri Piyush Goyal, emphasized the vast untapped potential for economic and trade expansion between India and the Latin American and Caribbean (LAC) region at the 10th Confederation of Indian Industry (CII) India-LAC Conclave held today in New Delhi. Shri Goyal highlighted that the partnership is not only a business opportunity but also a cultural and historical bond that can drive deeper engagement between the two regions.
In his address, Shri Goyal emphasized that India’s relationship with the LAC region goes beyond just economic transactions. He highlighted the shared traditions, cultural exchanges, and collective commitment to preserving heritage, noting that the vibrant festivals, sportsmanship, and rich histories of both regions provide a solid foundation for enhanced economic collaboration. He pointed out that the conclave is an excellent platform for deepening economic ties and creating long-lasting people-to-people connections.
Looking ahead, Shri Goyal set ambitious targets for the India-LAC partnership, with a clear goal of doubling trade volumes over the next five years. He urged both regions to focus on key sectors including engineering, healthcare, renewable energy, critical minerals, tourism, agriculture, gems and jewelry, and digital services, which he believes hold the key to unlocking significant growth.
Shri Goyal proposed several concrete steps for enhancing bilateral cooperation. He advocated for preferential trade agreements with MERCOSUR, the economic bloc of Latin America, and suggested exploring bilateral trade agreements where necessary. One of the critical areas he identified for deeper collaboration was renewable energy, given the LAC region’s vast lithium reserves. He proposed joint ventures in lithium processing, battery manufacturing, and electric mobility as an exciting opportunity for both regions to explore together.
In addition to renewable energy, Shri Goyal highlighted India-Brazil cooperation in biofuels, particularly focusing on the potential for ethanol-powered vehicles. Agriculture and food security were also identified as crucial areas of partnership. India and the LAC region, with their complementary strengths, have a unique opportunity to work together in climate-resilient agriculture, post-harvest storage, cold chain logistics, and value-added food processing.
The Minister also stressed the importance of improving trade infrastructure to facilitate smoother market access. He called for enhancing shipping routes, establishing direct air connectivity, and digitalizing customs procedures to streamline the trade process. Expanding sectoral engagement beyond traditional industries was another key point he emphasized, urging greater collaboration in pharmaceuticals, artificial intelligence, digital public infrastructure, and high-end manufacturing.
While acknowledging the global economic slowdown and the challenges posed by supply chain disruptions, Shri Goyal reaffirmed India’s unwavering commitment to strengthening its economic ties with the LAC region. He urged governments, businesses, and institutions to capitalize on emerging opportunities and push for transformative growth, rather than focusing solely on incremental progress.
In conclusion, Shri Goyal reaffirmed India’s dedication to building a dynamic and mutually beneficial partnership with the LAC region, founded on trust, cooperation, and shared prosperity. He expressed confidence that with continued collaboration, both regions could unlock their full economic potential and pave the way for a brighter, more prosperous future.
