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India-Latin America & Caribbean partnership holds potential for trade expansion: Goyal

By TIOL News Service

NEW DELHI, MAR 20, 2025: UNION Minister of Commerce & Industry, Piyush Goyal highlighted thatthere remains significant untapped potential for economic and trade expansion. Goyal, addressed the 10th CII India-LAC Conclave today at New Delhi, emphasizing the growing importance of India's economic engagement with the Latin American and Caribbean (LAC) region.

He said, the India-LAC partnership is not just about business but also about cultural exchanges, shared traditions, and a collective commitment to preserving heritage. He noted that the passion for festivals, sporting spirit, and rich histories of both regions provide a strong foundation for enhanced economic collaboration. He underscored that the conclave serves as an excellent platform for fostering enduring economic ties and deeper people-to-people connections between the two regions.

He called for ambitious targets, aiming to double trade volumes in the next five years by focusing on sectors such as engineering, healthcare, renewable energy, critical minerals, tourism, agriculture, gems and jewelry, and digital services.

Goyal outlined several key areas for deeper cooperation, including trade expansion through preferential trade agreements with MERCOSUR and bilateral agreements where necessary. He emphasized the need for collaboration in renewable energy, highlighting the LAC region's vast lithium reserves and proposing joint ventures in lithium processing, battery manufacturing, and electric mobility. He also pointed to India-Brazil cooperation in biofuels and the potential for ethanol-powered vehicles. Agriculture and food security were also identified as crucial areas of partnership, with India and the LAC region complementing each other's needs through investments in climate-resilient agriculture, post-harvest storage, cold chain logistics, and value-added food processing. Additionally, Goyal stressed the importance of improving trade infrastructure through enhanced shipping routes, direct air connectivity, and digitalizing customs procedures to streamline market access. He called for expanding sectoral engagement beyond traditional industries, urging collaboration in pharmaceuticals, artificial intelligence, digital public infrastructure, and high-end manufacturing.

Goyal acknowledged the global economic slowdown and supply chain disruptions but emphasized that India remains committed to strengthening economic ties with the LAC region. He urged governments, businesses, and institutions to seize emerging opportunities and move beyond incremental progress toward transformative growth.

In conclusion, Goyal reaffirmed India's commitment to fostering a dynamic and mutually beneficial partnership with the LAC region, built on trust, cooperation, and shared prosperity.


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