As India assumes the G20 presidency, it has placed particular emphasis on addressing the concerns of the Global South, it is imperative for India and the Latin American and the Caribbean (LAC) region to join forces and speak in unison on the global stage.
In her address at the Valedictory Session on day two of the 9th India-LAC Conclave organised by the industry body CII in association with Ministry of External Affairs and Ministry of Commerce and Industry, Meenakshi Lekhi, Minister of State, Ministry of External Affairs, highlighted the significance of South-South Cooperation and urged both regions to align their voices at the 9th India-LAC Conclave in New Delhi.
According to her, a unified voice from India and LAC countries carries immense importance, especially in navigating the challenges posed by the multipolar world. Climate change mitigation, trade barrier dismantling, and sustainable development require negotiated engagements, where collaboration and solidarity between the two regions will be crucial. The minister said that the Conclave serves as a rallying call for actionable steps that foster stronger ties between India and LAC.
India’s vision of becoming the world’s third-largest economy by 2047, coinciding with its 100 years of Independence, can only be achieved through global cooperation. Ms Lekhi pointed out, when India prospers, the world prospers and encourages LAC countries to explore the complementarity that exists between the two regions, leading to mutually beneficial partnerships.
In pursuit of enhanced economic ties, there is significant potential to expand India-LAC bilateral trade, which currently represents less than 2 percent of LAC’s total imports. To meet the ambitious target of US$100 billion in bilateral trade, both regions must adopt a new approach that involves integrating with diversified global value chains in a re-globalized world.
The Secretary, Commerce, Ministry of Commerce & Industry, Sunil Barthwal, talked about the need for closer India-LAC cooperation in the energy transition domain. By embracing renewable energy, battery manufacturing, energy storage technology, and sustainable practices, both regions can contribute to the Net Zero goal.
With negotiations underway for various Free Trade Agreements (FTAs), Barthwal proposed a Joint Economic & Trade Cooperation model to facilitate seamless collaboration between India and LAC. He also highlighted the importance of unified efforts in addressing issues at the World Trade Organization’s MC13.
The India-LAC Conclave witnessed participation from over 300 delegates representing 26 LAC countries, 10 non-LAC countries, and 500 delegates from India. With more than 350 B2B formal meetings conducted, the Conclave has opened up numerous avenues for bolstering India-LAC relations.
By leveraging their distinctive strengths, aligning their interests, and fostering unwavering solidarity, India and the LAC countries can powerfully and decisively address the pressing global challenges, forging a new era of shared prosperity and boundless possibilities for all humanity.