Summary:

Due to closer economic links, trade between India and Latin America is expected to treble from Rs. 4.74 lakh crore (US$50 billion) to Rs. 9.47 lakh crore (US$100 billion) by 2030. Alberto Antonio Guani Amarilla, Uruguay's ambassador to India and GRULAC coordinator, stated at the LAC FIRST conference that Latin America will continue to be a vital ally as India advances toward being a developed economy. He outlined significant chances for boosting commerce and investment as well as cooperation. Additionally, he praised India's choice to establish an embassy in Uruguay, describing it as a strengthening of bilateral ties. The ambassador called for the India-Mercosur trade pact to be expanded from 450 to around 3,000 items. Minerals, agro-industry, pharmaceuticals, and renewable energy are important industries.

Source: IBEF

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