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

Goyal said India is keen on 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– boosting trade flows, leveraging bilateral partnership, healthcare and pharmaceuticals cooperation and addressing global issues.

For boosting trade flows, Goyal advocated for the formulation of a well-structured roadmap that capitalizes 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 emphasized upon 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, the minister underlined the significance of mutual recognition agreements in the pharmaceutical sector, coupled with the adoption of smarter regulatory practices. Goyal said that this approach aims to prevent reliance on high-cost medicines and paves the way for collaborative solutions to complex challenges.

The minister highlighted India’s aspiration to achieve a USD 35 trillion economy by 2047 under the leadership of the Prime Minister Narendra Modi. He expressed his confidence that this ambitious goal would open up numerous avenues for robust India-LAC partnerships, which could serve as a catalyst for positive global impact. He invited the LAC nations to join the development journey of India to work together as trusted partners and expand shared interests.

Updated: 04 Aug 2023, 05:27 PM IST