External Affairs Minister S Jaishankar has called for significantly stronger economic and development partnerships between India and the Community of Latin American and Caribbean States (CELAC), highlighting that annual trade between India and the CELAC region has now crossed over $50 billion, which equals approximately ₹4,15,000 crores.

Addressing the India-CELAC Foreign Ministers’ Meeting on Tuesday evening local time in New York, the External Affairs Minister noted with satisfaction the milestone figure in bilateral trade, whilst emphasizing that there remains immense potential and room for further economic expansion between the two sides.

In his address, Jaishankar pointed out that India has firmly established itself as one of the major global economies over the past decade, demonstrating remarkably robust growth alongside a gross domestic product that has more than doubled during this period.

He stressed that contemporary India effectively merges a vast and rapidly refining skilled human resource pool with expanding technological capacities, a growing domestic market, advanced digital infrastructure, and robust industrial capabilities.

The minister affirmed that India's proactive engagement with the Global South transcends narrow national self-interest, serving instead as a genuine reflection of Indian solidarity and an enduring commitment towards shared global prosperity.

Spotlighting India’s ongoing development cooperation across the region, Jaishankar referred to tangible humanitarian and infrastructure assistance, including localized projects aimed at supporting everyday livelihoods throughout the Caribbean.

He recalled India’s swift emergency responses to natural disasters, such as providing critical disaster assistance following the devastation of Hurricane Melissa, dispatching fully equipped military field hospitals to Venezuela after a major earthquake, and shipping vital medical supplies and pharmaceuticals across multiple Latin American nations in times of crisis.

Jaishankar underscored that India and the CELAC member nations share natural economic complementarities, where India brings to the table expertise in software technology, generic pharmaceuticals, skilled personnel, and digital public infrastructure.

Conversely, he observed that the Latin American and Caribbean region provides vast opportunities and valuable resources in critical minerals essential for green transition, sustainable energy, large-scale agriculture, and global food security.

He added that India's rapidly expanding middle class makes the nation a completely natural trade and investment partner for the entire Latin American and Caribbean region.

To fully capitalise on these mutual advantages, the External Affairs Minister urged both sides to focus on establishing diversified trade, investment, and enterprise partnerships backed by direct business-to-business linkages, enhanced transportation connectivity, and predictable market access.

He specifically proposed that India and CELAC consider upgrading their joint Annual Business Summit starting from next year to foster deeper corporate engagement.

Highlighting ongoing institutional efforts, Jaishankar stated that India is actively working to forge balanced and robust economic partnerships through the proposed Comprehensive Economic Partnership Agreement with Chile, an ambitious Free Trade Agreement with Peru, and a substantial expansion of the existing Preferential Trade Agreement with the MERCOSUR trade bloc.

He stated that the overarching goal remains the creation of bilateral trade frameworks that are deeply and mutually beneficial, urging swift progress while remaining fully mindful of each country's national sensitivities and priorities.

Describing India's proven domestic development track record as a major strength in its international outreach, the minister urged partner nations to explore fresh avenues of collaborative growth, including human resource exchanges, joint technology initiatives, artificial intelligence development, and broader start-up innovation ecosystem partnerships.

Concluding his remarks, Jaishankar emphasized that India views CELAC not merely as a regional grouping, but as an essential partner in building a far more representative, balanced, and inclusive global order where the Global South gains a far stronger collective voice in shaping international affairs.

ANI