• India is keen to double its trade with Latin American and Caribbean (LAC) countries to $100 billion and the path is very clear, Commerce Secretary Sunil Barthwal said. He was addressing the 10th CII India-LAC Conclave in New Delhi on March 19.

• Union Minister of Commerce & Industry Piyush Goyal highlighted that there remains significant untapped potential for economic and trade expansion.

• He called for ambitious targets, aiming to double trade volumes in the next five years by focusing on sectors such as engineering, healthcare, renewable energy, critical minerals, tourism, agriculture, gems and jewelry, and digital services.

• Goyal outlined several key areas for deeper cooperation, including trade expansion through preferential trade agreements with MERCOSUR and bilateral agreements where necessary. 

• He emphasized the need for collaboration in renewable energy, highlighting the LAC region’s vast lithium reserves and proposing joint ventures in lithium processing, battery manufacturing, and electric mobility.

• The 10th CII India-LAC Business Conclave is organised in partnership with the Ministry of Commerce & Industry and Ministry of External Affairs with the theme of ‘Advancing Economic Alliances for Collaborative Growth’.

• By harnessing their complementary strengths, addressing global challenges, and fostering innovative solutions, the CII-LAC Conclave will serve as a key platform for industry and stakeholders of India and the LAC region to progress rapidly on mutual growth and sustainable development.

(The author is a trainer for Civil Services aspirants.)