Trade, commerce and investment are the most important drivers of India-Latin America and Caribbean (LAC) relationships, says the Indian government. From $2 billion in 2000, trade grew to $ 35 billion in 2017-18.
Inaugurating the 8th India –LAC Conclave in Chile, Minister of State for External Affairs in his inaugural address V.K. Singh said, “The complementary nature and synergy between the two sides offer tremendous opportunities for further enhancing Trade and Investments.”
“The conclave in Santiago will provide Indian businessmen the opportunity to visit and get a direct, first-hand impression of the regions’ potential to become a major partner for India in trade, commerce and investments,” Singh said. “At the same time, it will be instrumental in providing the businesses from the LAC region a platform to interact with a large Indian delegation with a diverse background.”
According to financialexpress.com, this is the 8th Conclave in the series but only the 2nd Conclave to be held outside India. As reported earlier, India and Chile in 2017 had operationalised the expanded India-Chile Preferential Trade Agreement (PTA) which also incorporates new chapters on Rules of Origin, Technical Barriers to Trade and Sanitary and Phytosanitary Measures, which would contribute to the reduction of non-tariff barriers.