Union Minister for Commerce and Industry Piyush Goyal has emphasised the need for enhanced collaboration and trust-building between India and the Latin American & Caribbean (LAC) region.

Addressing the Special Ministerial Session at the ‘9th CII India-LAC Conclave’ held yesterday in New Delhi, the minister said that India and LAC region share cultural ties and have emerged out of the shadows of colonial past.

He said India is keen to see faster economic growth through enhanced trade and investment, integration of businesses through collaborations and Free Trade Agreements (FTA). He presented a comprehensive four-point agenda aimed at fostering deeper cooperation between India and LAC region: (i) Boosting Trade Flows, (ii) Leveraging Bilateral Partnership, (iii) Healthcare and Pharmaceuticals Cooperation and (iv) Addressing Global Issues.

For boosting trade flows, he advocated for the formulation of a well-structured roadmap that capitalises on the comparative and competitive strengths of each country. He said that this strategic approach would facilitate the augmentation of trade flows between India and the LAC nations. He said that India and the LAC region must work towards larger Global South cooperation in various multilateral forums.

To leverage bilateral partnership, the minister highlighted the potential for bilateral collaboration to stimulate greater investment inflows. He emphasised the importance of integrating supply chains, particularly in sectors such as tourism, hospitality, and healthcare. Goyal said that by pooling resources, India and the LAC region can develop cost-effective solutions with global implications.

For healthcare and pharmaceuticals cooperation, Goyal underlined the significance of mutual recognition agreements in the pharmaceutical sector, coupled with the adoption of smarter regulatory practices. He said that this approach aims to prevent reliance on high-cost medicines and paves the way for collaborative solutions to complex challenges.

To address global issues, the minister conveyed his belief that collective efforts between India and the LAC region could lead to innovative solutions for even the most intricate global problems.