India and Latin American countries should double trade to $100 bn by 2027: EAM

 India’s top leaders have made 34 visits to the Latin America and the Caribbean region in the past nine years, including four by PM ModiIndia and countries of the Latin America and the Caribbean (LAC) region should aim to double two-way trade to $100 billion by 2027, external affairs minister S Jaishankar said on Thursday as he outlined a four-point plan to drive economic ties.

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

Trade between the two regions was worth nearly $50 billion in 2022-23, and India’s exports to Brazil stood at $10 billion, almost double the exports to Japan. Jaishankar said the trade volume can be doubled to $100 billion by 2027, and the setting of a target serves as a motivator to achieve results.

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.