Trade between India and Latin America is expected to reach USD 100 billion by 2030, up from the current USD 50 billion, according to Alberto Antonio Guani Amarilla, Uruguay's Ambassador to India and Coordinator of the Latin American and Caribbean Group (GRULAC). He shared the projection in an exclusive interview with ANI on Wednesday, on the sidelines of the LAC FIRST: India-Latin America & Caribbean Business & Diplomatic Conference in New Delhi.
Ambassador Highlights Growing Economic Partnership
Guani Amarilla underscored the significance of the expanding trade ties, stating, "It is very crucial to see that we already have a trade of USD 50 billion that will be USD 100 billion in the year 2030." He noted that Latin America aims to remain a strong partner as India progresses toward becoming a developed economy, with substantial room for cooperation across productive sectors.
The ambassador emphasized that Latin America has increasingly become an important partner for India and called for deeper economic engagement between the two regions. He welcomed India's decision to open an embassy in Uruguay next month, describing it as a vital step in strengthening bilateral relations. Guani Amarilla expressed hope that External Affairs Minister S. Jaishankar would attend the inauguration ceremony.
Uruguay Seeks Expanded Trade Agreement and High-Level Visits
Guani Amarilla called for greater high-level exchanges, noting that Uruguay would be delighted to host Prime Minister Narendra Modi and would welcome a visit by Uruguay's President to India. On trade, he revealed that Uruguay is pushing to expand the existing India-Mercosur Preferential Trade Agreement, which currently covers about 450 products. "We want to take it to 3,000 and maybe that's the first stage to think on a wider possibility of having a free trade agreement," he said.
Key sectors driving trade between India and Latin America include minerals, agro-industries, and pharmaceuticals, which offer further growth opportunities. Guani Amarilla reiterated Uruguay's longstanding support for open markets and free trade, stating, "In the case of Uruguay, we have always been very much favourable to free trade. We have always promoted the possibility of having open markets and free exchange."
Energy Transition and Future Collaboration
Addressing energy markets, Guani Amarilla noted that fluctuations in oil prices do not necessarily transform economies, citing Uruguay's own experience of shifting from oil dependence to renewable energy. "What happened to Uruguay, for example, we were practically a net importer of oil and now we are a big producer of renewable energy," he explained.
He urged India and Uruguay to continue identifying areas of complementarity and collaboration to create mutually beneficial opportunities and expand engagement across sectors. The ambassador's remarks underscore the growing strategic and economic ties between India and Latin America, with a clear roadmap for doubling trade over the next few years.
