India is intensifying its diplomatic and economic engagement with Central American Integration System (SICA) member countries, with a pronounced focus on trade and digital payments, according to recent statements by External Affairs Minister S Jaishankar at the India-SICA Foreign Minister's Meeting in New York.

Jaishankar emphasized the growing interest of Indian companies in SICA economies, spotlighting investment prospects in sectors such as agriculture, renewable energy, pharmaceuticals, and information technology. He highlighted that India is committed to fostering closer economic ties with SICA, noting that these key sectors are crucial for sustainable development and mutual growth.

A major highlight was India's offer to extend its Unified Payments Interface (UPI) system to SICA countries. Jaishankar described UPI as a transformative, low-cost technology for cashless transactions, noting that more than half of global cashless payments are processed in India due to the system’s efficiency. He expressed readiness to collaborate with SICA partners to adapt UPI for their economies, potentially enhancing financial inclusion and payment system robustness in the region.

India’s engagement with SICA has increased notably over the past decade. Jaishankar acknowledged a series of high-level visits, both his own and those by his deputy Pabitra Margherita, to SICA member nations such as the Dominican Republic, Guatemala, El Salvador, Panama, and Nicaragua, demonstrating the commitment to deepening ties. He outlined intentions for future visits, although recent trade concerns have temporarily shifted attention.

Jaishankar reiterated India's view of SICA as a vital partner under the South-South Cooperation framework. He stressed that India and SICA countries share challenges in development, poverty alleviation, and climate change, and these issues can be better addressed through collaborative efforts. The meeting was described as a valuable forum for exchanging perspectives and strategies on development and global trends.

India and SICA maintain structured dialogue mechanisms to bolster cooperation. The Mechanism for Political Dialogue and Cooperation, established in 2023 with meetings such as the one in Panama City, reinforced the collective desire to strengthen ties and expand cooperative efforts.

On the sidelines of the meeting, Jaishankar held discussions with Panama’s Foreign Minister Javier Martinez-Acha and other officials from Guatemala, Costa Rica, Australia, Egypt, the UK, and Malaysia. These interactions, reflective of India’s multilateral approach, focused on advancing shared interests in global fora and reinforcing bilateral connections.

Jaishankar also contributed to the G20 Foreign Ministers' Meeting and the UN General Assembly session. He called on G20 members to prioritize global stability through dialogue, diplomacy, and robust measures against terrorism, with special attention to energy and economic security in times of geopolitical and economic volatility.

India’s collaboration with SICA countries is set to further advance in domains including digital transformation, renewable energy, food and health security, and climate action. The overarching objective is to leverage shared opportunities and address common challenges, positioning SICA as a cornerstone for India's engagement in the Latin American and Caribbean region.

Based On ANI Report