SANTIAGO, Dec 13 (NNN-MERCOPRESS) — Latin America and the Caribbean (LAC) should strengthen and expand its economic and cooperation relationship with India to revitalize regional economic growth and enhance development, according to authorities convened at an international seminar hosted by the Economic Commission for Latin America and the Caribbean (ECLAC).
The event, titled India–Latin America and the Caribbean: Emerging Partners in a Transforming Global Economy, sought to foster a strategic dialogue and advance toward a common roadmap for strengthening this partnership and exploring new opportunities.
In his opening remarks, ECLAC Executive Secretary José Manuel Salazar-Xirinachs emphasized the necessity for LAC to “rethink its international insertion with a prospective vision.”
He argued that integrating with the world must be managed intelligently, acting as a policy instrument to dynamize growth and development, drive productive transformation, leverage the region’s numerous assets, and establish mutually beneficial relationships with an expanding base of economic partners.
Salazar-Xirinachs highlighted India as one of the world’s most dynamic emerging economies, with a GDP approaching US$3.7 trillion and a population exceeding 1.4 billion. He noted that India is currently the fifth-largest global economy and is on track to become the third-largest by 2030, thus offering a plethora of opportunities.
While the economic relationship between India and LAC has shown greater dynamism —with bilateral trade nearing US$50 billion— the ECLAC Executive Secretary stressed that this potential is far from being reached.
He noted that current trade remains concentrated in a few products with limited participation of higher-value-added goods and services. However, ongoing negotiations, such as the Comprehensive Economic Partnership Agreement (CEPA) with Chile, the Free Trade Agreement (FTA) with Peru, and the expansion of the India–Mercosur agreement, reflect growing interest.
Salazar-Xirinachs called for LAC to complement its traditional economic ties (with partners like the United States, China, and the European Union) with a broader strategy of diversification toward emerging economies, including India, the Gulf countries, ASEAN, and Africa.
“This proposal does not assume diminishing the importance of our main partners… Rather, it seeks to complement that architecture with new spaces for cooperation that allow the region to act with greater agility in a more competitive global scenario,” the Costa Rican official stated.
He concluded by stressing that, in a global order marked by intense industrial and technological rivalry, regions that combine resilience, prospective vision, and proactive action will be best positioned to strengthen their development trajectory.
India’s Ambassador to Chile Abhilasha Joshi echoed this sentiment, confirming his country’s message to the region was one of “collaboration, ambition, and shared prosperity.” She expressed confidence that the coming years will see a “broader, deeper, and more impactful collaboration” between India and Latin America and the Caribbean. — NNN-MERCOPRESS