In his inaugural address at the 9th CII India-LAC Conclave in New Delhi, external affairs minister Dr S Jaishankar highlighted how fostering collaboration could pave the way for significant growth and progress.
To achieve a remarkable $100 billion trade target by 2027, India has highlighted four vital pillars of cooperation between India and the Latin America and the Caribbean (LAC) region. These include: supply chain diversification, resource partnerships, sharing of developmental experiences, and addressing global challenges.
In his inaugural address at the 9th CII India-LAC Conclave in New Delhi, external affairs minister Dr S Jaishankar highlighted how fostering collaboration in these areas could pave the way for significant growth and progress.
The conclave signifies an enhanced level of engagement between the two regions, with twenty senior ministers from eleven LAC countries actively participating.
The first pillar, supply chain diversification, holds immense potential for India-LAC engagements. Building resilient and reliable supply chains for energy security, food security, and consumer security can open up a plethora of opportunities for both regions. As India aspires to become the third-largest economy, it will require oil & gas, strategic minerals, and food, which could be efficiently met through partnerships with LAC countries. In return, Indian products and services could cater to the needs of the LAC region, leading to mutually beneficial resource partnerships.
Moreover, the minister stressed the significance of sharing developmental experiences, especially among countries of the Global South. Greater engagement in digital infrastructure, digitalization, health solutions, and infrastructure development can bolster progress in various fields. Training and exchange programs play a pivotal role in facilitating this exchange of knowledge.
In tackling global challenges, cooperation between India, LAC countries, and the entire Global South is vital. Collaborative efforts to address climate change, concerns of the Global South, and reforming global financial and multilateral institutions can foster a more equitable and sustainable world.
People-to-people interactions and freer movement of talent are essential to meet the demands of the global workplace. Jaishankar urged both regions to negotiate mobility agreements to create a talent pool for the industries of the future.
The healthcare sector offers valuable insights for India-LAC relations. India’s ‘Jan Aushadhi’ scheme, which provides affordable generic medicines to a wide spectrum of society, sets a commendable precedent for the LAC region to emulate.
Development partnership remains a crucial facet of India-LAC relations, with India having extended 35 lines of credit to LAC countries, resulting in 21 completed projects.
R Dinesh, President of CII, called for deep cooperation in resource sharing, technology transfer, R&D, and interventions at the country level to promote integration with global value chains. He also proposed mutual recognition agreements in the pharmaceutical sector, a bilateral infrastructure dialogue, digitalization, innovation, and cultural integration between Indian and LAC societies.
Furthermore, Chandrajit Banerjee, Director General of CII, highlighted the diverse areas of cooperation, aiming for shared and sustainable growth between India and the LAC region.
https://www.financialexpress.com/business/defence-forging-a-100-billion-india-lac-trade-alliance-uniting-for-shared-growth-3198051/
