Foreign Minister, E.P Chet Greene has made the case for there to be a more formalized structure to promote closer ties between India and Latin Americana and the Caribbean.
Minister Greene who is in India, the world’s most populous nation, made the point while addressing a Special Ministerial Session on Strengthening India-LAC Partnerships in a Changing Global Environment.
“We need to increase high-level visits and engagements between India, Latin America and Caribbean countries if we are to foster better understanding and partnerships. An example of this concept would be the establishment of bilateral committees focused on specific sectors like agriculture, technology and pharmaceuticals,” the Foreign Affairs Minister suggested.
In his remarks to the session, India’s Minister for Commerce & Industry, Piyush Goyal said, “Sectoral diversification is crucial so that we can move beyond the traditional areas of trade. High-end manufacturing, pharmaceuticals, digital engagement, digital public infrastructure and artificial intelligence, all of these are necessary for building a future-ready business environment. Therefore, strengthening institutional frameworks will be essential along with the removal of non-tariff barriers and entering into robust trade agreements.”
He further stressed that Renewable Energy could be a key area of collaboration as almost 40% of the world’s lithium reserves are found in LAC countries. India would like to partner with LAC nations to process them jointly. “Our businesses can collaborate on lithium processing, battery manufacturing and electric mobility to contribute to solving climate change challenges,” he added.
Minister Greene traveled to India to participate in the 10th India- LAC Conclave hosted by the Confederation of Indian Industry.
