On Friday, Commerce and Industry Minister Piyush Goyal emphasized the importance of increased collaboration and trust-building between India and the Latin American and Caribbean (LAC) area.
The minister stated during the Special Ministerial Session of the ‘9th CII India-LAC Conclave’ in New Delhi that India and the LAC region share cultural links and have emerged from the shadows of colonial history.
Goyal stated that India desires faster economic growth through increased trade and investment, business integration through collaborations, and free trade agreements (FTA). He proposed a comprehensive four-point agenda aimed at developing greater cooperation between India and the LAC area, including increasing trade flows, enhancing bilateral partnerships, collaborating on healthcare and pharmaceuticals, and addressing global concerns.
Goyal pushed for the development of a well-structured roadmap that capitalizes on each country’s comparative and competitive capabilities in order to increase trade flows. He stated that this strategic approach would assist the expansion of commercial flows between India and the Latin American countries. He stated that India and the LAC area must work together in various multilateral forums to achieve more Global South cooperation.
The minister emphasized the possibilities for bilateral engagement to encourage increased investment inflows in order to boost bilateral partnership. He highlighted the necessity of supply chain integration, particularly in areas such as tourism, hospitality, and healthcare. According to Goyal, by combining resources, India and the Latin American and Caribbean region can develop cost-effective solutions with global consequences.
The minister emphasized the need for mutual recognition agreements in the pharmaceutical sector, as well as the adoption of better regulatory practises, in terms of healthcare and pharmaceuticals collaboration. According to Goyal, this method aims to reduce reliance on expensive pharmaceuticals and pave the path for collaborative solutions to complicated problems.
The minister highlighted India’s goal of becoming a USD 35 trillion economy by 2047 under Prime Minister Narendra Modi’s leadership. He stated his belief that this lofty ambition will pave the way for numerous robust India-LAC relationships, which might serve as a catalyst for beneficial global influence. He asked the LAC countries to join India’s development journey as trustworthy partners and to expand shared interests.
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