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Latin America Stands as Important Stakeholder of Global South, Says India's EAM
Latin America Stands as Important Stakeholder of Global South, Says India's EAM
Sputnik India
Indian foreign minister S Jaishankar on Thursday called for a “stronger relationship” between India and Latin American and Caribbean (LAC) nations, calling the region as an “important stakeholder” in the Global South.
2023-08-03T14:52+0530
2023-08-03T14:52+0530
2023-08-03T15:45+0530
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Indian Foreign Minister S Jaishankar on Thursday called for a stronger relationship between India and Latin American and Caribbean (LAC) nations, calling the region as an “important stakeholder” in the Global South.The top Indian diplomat said that the “future” of India-Latin America relationship rested on four pillars—supply chain diversification, resource partnerships, developmental partnerships and addressing global challenges.“These are proof of our intentions. These are a testament to our partners in Latin American and the Caribbean,” he stated.India Sets a $100 Billion Trade Target With LACHe said that growing trade levels were a “testament of the strength and potential of our partnership”.Jaishankar pointed towards the complementary nature of bilateral trade between India and LAC nations, saying that the region could be a source of raw materials for the world’s fifth biggest economy.He said that New Delhi could cement its position as an exporter of raw and finished goods to meet the demands of a growing middle-class in Latin America.The Foreign Minister said that New Delhi has stepped up its oil imports from Brazil, Mexico, Columbia and Guyana.The Foreign Minister also said that New Delhi had also increased its imports of raw materials such as gold, copper, wood and wood products from countries such as Peru, Chile among others.He said that New Delhi was in turn supplying cars and motorcycles and pharmaceutical products to the region.
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Latin America Stands as Important Stakeholder of Global South, Says India's EAM
14:52 03.08.2023 (Updated: 15:45 03.08.2023) Indian foreign minister S Jaishankar highlighted that as part of its G-20 presidency, New Delhi has been raising issues of Global South and had even organized the Voice of Global South Summit.
Indian Foreign Minister
S Jaishankar on Thursday called for a
stronger relationship between
India and
Latin American and Caribbean (LAC) nations, calling the region as an “important stakeholder” in the
Global South.
“A stronger relationship between us obviously holds a lot of potential and possibilities. By harnessing our shared strength and experiences, capabilities and resources, we can actually create a lasting partnership which will benefit our region,” Jaishankar said during his keynote address at the India-LAC Conclave in New Delhi.
The top Indian diplomat said that the “future” of India-Latin America relationship rested on four pillars—supply chain diversification, resource partnerships, developmental partnerships and addressing global challenges.
“Collaborating on issues such as climate change, the concerns of Global South, reforming the global financial and multilateral structures... I think these are very essential,” he remarked.
“These are proof of our intentions. These are a testament to our partners in Latin American and the Caribbean,” he stated.
India Sets a $100 Billion Trade Target With LAC
In his address, Jaishankar underlined the growing importance of Latin American nations and India to each other, as he noted that bilateral trade already reached $50 billion and the governments have set a target of $100 billion by 2027.
He said that growing trade levels were a “testament of the strength and potential of our partnership”.
Jaishankar pointed towards the complementary nature of bilateral trade between India and LAC nations, saying that the region could be a source of raw materials for the world’s fifth biggest economy.
He said that New Delhi could cement its position as an exporter of raw and finished goods to meet the demands of a growing middle-class in Latin America.
The Foreign Minister said that New Delhi has stepped up its
oil imports from Brazil, Mexico, Columbia and Guyana.
“The fact that we are importing crude oil and petroleum oil lubricants (POL) worth $7 billion from Latin America and that we are exporting a similar worth of refined products is worth noting,” he stated.
The Foreign Minister also said that New Delhi had also increased its imports of raw materials such as gold, copper, wood and wood products from countries such as Peru, Chile among others.
He said that New Delhi was in turn supplying cars and motorcycles and pharmaceutical products to the region.
Jaishankar also noticed that India could be a source of “talent” for Latin American region, as he advocated the need for “mobility agreements” to facilitate the movement of Indian labour.
