India and LAC can target $100 billion trade by 2027: External Affairs Minister Jaishankar
Jaishankar on Thursday said trade between India and the Latin America-Caribbean (LAC) region can be doubled to $100 billion by 2027 by furthering economic partnerships. Jaishankar, who was speaking at the inaugural session of the 9th CII India-LAC Conclave, said the four key pillars of cooperation between India and the LAC region could be supply chain diversification, resource partnerships, sharing of developmental experiences, and addressing global challenges.
He said setting a target serves as a strong motivator to achieve great results. On supply chain diversification, Jaishankar said cooperation in building resilient and reliable supply chains for energy security, food security and consumer security will open up a gamut of avenues for India-LAC engagements.
As India aims to become the world’s third largest economy—from fifth now—it will have rising demand for oil and gas, strategic minerals, food, etc., which can be met by LAC countries. At the same time, Indian products and services can help meet the needs of the LAC region, the minister said in reference to resource partnership.
On sharing developmental experiences, Jaishankar said the countries of the Global South need to engage with each other more deeply in the realms of digital infrastructure and digitalisation, health solutions, and infrastructure development, among other fields. He stressed on training and exchange programmes as a way to further the sharing of developmental experiences.
Jaishankar also called for India and the Global South to step up cooperation for addressing global challenges related to climate change, concerns of the Global South, and reform of global financial and multilateral institutions. Highlighting the importance of people-to-people
. Read more on economictimes.indiatimes.com
