Goyal calls for stronger ties between India and Latin American & Caribbean region
New Delhi: Commerce and industry minister Piyush Goyal on Friday emphasized upon 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’ 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.
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