Trade between India and Latin America is expected to double from US$50 billion to US$100 billion by 2030, reflecting the strengthening economic partnership between the two regions. The projection was highlighted during the LAC FIRST: India-Latin America & Caribbean Business & Diplomatic Conference, underscoring the growing opportunities for trade, investment, and business collaboration.
According to Uruguay’s Ambassador to India and GRULAC Coordinator, Alberto Antonio Guani Amarilla, Latin America will continue to be a strategic economic partner as India advances toward its vision of becoming a developed economy. He emphasized that expanding cooperation across key sectors can unlock significant growth opportunities for businesses in both regions.
India and Latin America Strengthen Economic Cooperation
The Ambassador noted that Latin America has become an increasingly important trade partner for India. Growing economic complementarities between the two regions are expected to boost bilateral trade, improve market access, and encourage greater investment flows.
India’s decision to open an Embassy in Uruguay next month is expected to further strengthen diplomatic and commercial relations while creating new opportunities for businesses and investors.
Expansion of India-Mercosur Trade Agreement Proposed
To enhance bilateral trade, the Ambassador called for expanding the India-Mercosur Preferential Trade Agreement (PTA).
Currently covering around 450 products, the agreement could be broadened to include nearly 3,000 products, paving the way for deeper trade integration and potential future free trade agreements between India and the Mercosur bloc.
Key Sectors Driving Trade Growth
Several industries are expected to play a major role in achieving the US$100 billion trade target by 2030.
Key growth sectors include:
- Minerals
- Agro-industries
- Pharmaceuticals
- Renewable energy
- Advanced manufacturing
- Emerging technologies
These sectors are expected to support stronger supply chains, increased investments, and long-term economic collaboration.
Key Highlights:
- India-Latin America trade is projected to reach US$100 billion by 2030.
- Current bilateral trade stands at approximately US$50 billion.
- The announcement was made at the LAC FIRST: India-Latin America & Caribbean Business & Diplomatic Conference.
- Latin America is expected to remain a key economic partner for India's long-term growth.
- India will open a new Embassy in Uruguay, strengthening bilateral relations.
- Proposal to expand the India-Mercosur Preferential Trade Agreement from 450 products to 3,000 products
- Major growth sectors include minerals, agro-industries, pharmaceuticals, renewable energy, and advanced manufacturing.
- Stronger trade ties are expected to improve market access, investment flows, supply chain resilience, and economic cooperation.
- The partnership supports India's ambition to expand its global trade footprint and strengthen international economic engagement.
