Uruguay Ambassador Alberto Antonio Guani Amarilla stated on Wednesday that trade between India and Latin America is expected to double to USD 100 billion by 2030 from the current USD 50 billion, according to ANI. Speaking on the sidelines of the LAC FIRST: India-Latin America & Caribbean Business & Diplomatic Conference in New Delhi, the Ambassador, who also serves as Coordinator of the Latin American and Caribbean Group (GRULAC), emphasised the growing economic partnership between the two regions.
Trade Growth Forecast
"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," Guani Amarilla told ANI. He noted that Latin America expects to remain a strong partner as India advances towards becoming a developed economy, with significant scope to expand cooperation across productive sectors. The Ambassador stressed that Latin America has increasingly emerged as an important partner for India and urged deeper economic engagement between the two regions.
Trade Agreement Expansion on Table
On trade, Guani Amarilla said Uruguay is seeking an expansion of the existing India-Mercosur Preferential Trade Agreement, which currently covers around 450 products. "We have a preferential agreement with Mercosur and that is something that has been covering 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 stated.
| Metric | Current | Target |
|---|---|---|
| India-Latin America bilateral trade | USD 50 billion | USD 100 billion by 2030 |
| Products covered under India-Mercosur PTA | ~450 | 3,000 (first stage) |
Key Sectors Driving Cooperation
Guani Amarilla identified minerals, agro-industries, and pharmaceuticals as among the key sectors driving trade between India and Latin America, offering scope for further growth. These sectors are expected to play a central role in achieving the trade target.
Uruguay's Open Market Stance and Energy Transition
Commenting on global trade, the Ambassador reiterated Uruguay's longstanding support for open markets and free trade. "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," he said.
Addressing energy markets, Guani Amarilla noted that fluctuations in oil prices do not necessarily transform economies, citing Uruguay's own experience of shifting from dependency on imported oil 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 said.
He concluded that India and Uruguay should continue identifying areas of complementarity and collaboration to create mutually beneficial opportunities and expand engagement across sectors.
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