India And LAC Region Should Target $100 Bn Trade By 2027: Union Minister S Jaishankar

New Delhi, Aug 4 (KNN) India and the Latin America and the Caribbean (LAC) region should aim to double their trade to USD 100 billion by 2027, external affairs minister S Jaishankar said on Thursday.

Addressing the inaugural session of the India-LAC Conclave organised by the external affairs ministry and the Confederation of Indian Industry (CII), union minister said that the two sides should also look at negotiating mobility agreements since legal mobility is becoming increasingly important and mutually beneficial in a knowledge economy.

As per reports, the trade between the two regions was worth nearly USD 50 billion in 2022-23, and India’s exports to Brazil stood at USD 10 billion, almost double the exports to Japan.

The EAM suggested a plan with four pillars for intensified trade and economic engagement between India and LAC countries. “The two sides should look at supply chain diversification since the Covid-19 pandemic had highlighted the need for resilient supply chains for redundant sourcing, diversified production, and food and energy security”, he said.

He added that given India’s status as the fifth largest economy and the country’s rising demand for oil, gas, strategic minerals and food, the two sides should work on resource partnerships.

“The two sides should share developmental experiences, including digital capabilities, health solutions and agricultural practices. In this context, India can provide customised training and exchanges for LAC countries,” Jaishankar said.

Referring to importance of mobility arrangements for professionals, Jaishankar said, “We are willing to work with LAC countries to make movement easier between our businesses and our people.”

The business conclave is part of India’s upgraded engagement with LAC countries in recent years. India’s top leaders have made 34 visits to the region in the past nine years, including four by Prime Minister Narendra Modi.  (KNN Bureau)