The visit is the part of diplomatic tour covering Latin American and Caribbean (LAC) countries with a focus on boosting ties with the Global South.
- Latin and Caribbean (LAC) region consists of mainly three regions i.e. South America, Central America and the Caribbean Region and comprises 45 countries.
India and LAC Region
- Economic Ties: Total trade with LAC stood at USD 35.73 billion (with exports worth USD 14.50 billion) during 2023-24.
- Trade Target: India targets US $ 100 billion bilateral trade by 2027-28.
- Export-Import: LAC ranks 8th among India’s import sources while India ranks 9th among LAC’s exporting partners.
- Major Imports: Extractive and agricultural products like crude and petroleum products, pearls and precious stones, and vegetable oils.
- Major Exports: Manufactured commodities like motor vehicles, chemical products, mineral fuels etc.
- Trade Agreements: Preferential Trade Agreement with MERCOSUR, Comprehensive Economic Partnership Agreement with Chile, FTA negotiations with Peru etc.
- Energy and Infrastructure: LAC is a supplier of critical minerals like gold, copper, and lithium.
- Regional Blocs: India has strong partnership with Regional Blocs such as Community of Latin American and Caribbean States (CELAC), Central American Integration System (SICA) and CARICOM (Caribbean Community).