External Affairs Minister S. Jaishankar on August 3 pitched for deeper two way engagement between India, and Latin America and the Caribbean (LAC) especially in areas of agriculture, supply chain diversification and resource partnership.
In an address at an event, he said New Delhi’s overall ties with the region have moved on a “new trajectory” in the last nine years and there was scope to further consolidate the relations in a range of areas.
“We must ensure that distance is no longer an impediment for stronger ties,” he said.
Jaishankar said, “Bilateral trade has surged close to $50 billion during the financial year 2022-23 and it is a testament to both the strength and potential to our economic partnership”.
“Over the last nine years, since Prime Minister Narendra Modi has been at the helm, our ties have actually moved on a new trajectory,” he said.
The External Affairs Minister was speaking at the ninth CII India-LAC Conclave on the theme ‘Furthering Economic Partnerships for Shared and Sustained Growth’.
“It is important we really step on the accelerator out here,” Mr. Jaishankar said, noting that there is huge scope to further enhance trade and economic engagement.
About trade, he put the investment by Indian companies in the LAC region at a ballpark figure of $15 billion.
The External Affairs Minister, while highlighting India’s impressive economic growth, hoped that Indian products and services would help to meet the “expectations, aspirations and price points” of the rising middle class in the Latin American and Caribbean region.
He said there is scope to expand cooperation in areas of agriculture, ensuring reliability of supply chain diversification and resource partnership among others.