External Affairs Minister S. Jaishankar has highlighted the significance of strengthening economic and development partnerships between India and the Community of Latin American and Caribbean States (CELAC). During the India-CELAC Foreign Ministers’ Meeting, he announced that trade between India and CELAC has now surpassed USD 50 billion annually, noting the potential for further growth.

Jaishankar expressed satisfaction with the current trade figures but indicated that there remains considerable scope for expansion. He pointed out India’s status as a rapidly growing major economy, with its GDP having more than doubled in the last decade and sustained robust growth.

India’s Commitment to Global South and Development Initiatives

During his address, Jaishankar underscored India’s commitment to development, stating that its engagement with the Global South extends beyond mere national interests. His comments reflect India’s dedication to mutual prosperity within the framework of international partnerships.

He elaborated on India’s humanitarian efforts in the region, including projects aimed at improving livelihoods in the Caribbean and aid provided in response to natural disasters. Jaishankar cited instances such as the military hospitals sent to Venezuela following an earthquake and the shipment of medicines to various Latin American countries as examples of India’s proactive support.

Jaishankar further characterised the synergistic strengths of India and the CELAC nations. He noted that India offers technological expertise, pharmaceuticals, skilled human resources, and robust digital infrastructure, while the CELAC region presents opportunities in critical minerals, sustainable energy, agriculture, and food security.

Strategic Partnerships and Future Directions

In light of these complementary strengths, Jaishankar emphasised the importance of diversifying trade and fostering investment through enhanced business-to-business exchanges, improved connectivity, and reliable market access. He called for a proactive approach towards these objectives.

The minister proposed upgrading the Annual Business Summit starting next year to facilitate stronger economic ties. He mentioned ongoing negotiations for a Comprehensive Economic Partnership Agreement (CEPA) with Chile and a Free Trade Agreement (FTA) with Peru, alongside the expansion of the Preferential Trade Agreement (PTA) with MERCOSUR.

Jaishankar articulated India’s goal of creating mutually beneficial frameworks focused on swift progress while considering the diverse sensitivities and priorities of both sides. He stated that India’s development achievements could serve as a valuable asset in establishing global partnerships.

He concluded with a call to explore new avenues for collaboration, particularly in areas such as digital technology, artificial intelligence, and innovation. Jaishankar described CELAC not merely as a regional entity but as a crucial partner in establishing a more representative and inclusive international order, emphasising the mutual benefits inherent in their partnership.

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