Envoy wants to solve trade and investment issues with PA
India’s trade with the Pacific Alliance (PA) group has the potential to touch US$30 billion in short span of time, according to Suresh Kumar, Joint Secretary – LAC, Ministry of Commerce, in appraising the general trade and allied matters with Latin American and Caribbean region covering 43 countries.
The bilateral discussions and trade negotiations with Mexico and Colombia could lead to similar trade agreements that India has with Chile, said Kumar at FICCI’s flagship initiative ‘Namaskar Pacific Alliance’ which aims to foster the bilateral trade and investment relations between India and the PA.
India, said Kumar, enjoys very strong diplomatic and deep-rooted relations with the Pacific Alliance Countries.
“The Pacific Alliance is committed to enhance the trade and investment with India. The Pacific Alliance is open to all the business and investment activities in region,” said Mariana Pacheco, Ambassador-Designate of Colombia to India and Representing the Pacific Alliance Block.
Sanjiv Ranjan, Indian Ambassador to Colombia, highlighted the importance of the process of digitization, the need for which was recognized during the tough times induced by the pandemic globally.
He also stressed on reducing regulatory norms, procedural delays to reduce the transactional cost and boost economic relations between India and PA trade bloc.
The Indian Ambassador to Peru, M Subbarayudu, underlined the requirement of a cooperation in the field of renewable energy between India and the PA trade Bloc.
He also pointed out the urgent need to solve trade and investment issues like regulatory, customs, procedural and others to increase the bilateral trade between India and the PA.
Arvind Varchaswi, MD, Sri Sri Tattva and Chair, FICCI LAC Regional Council, urged the governments across the region to take proactive, pragmatic steps to unlock the potential of the India – Pacific Alliance relationship. He also emphasised on the importance of the traditional medicine and stressed upon the global recognition of Ayurveda as a science in which India is a champion.”
FICCI also launched its knowledge report on ‘India-Pacific Alliance: Building Partnerships’. The knowledge report provides an in-depth analysis of economic performances of the Pacific Alliance nations, throws light on trade and investment related issues between India and the PA and provides a roadmap of deep integration with the nations.
The three-day virtual exhibition will witness participation of industry leaders, decision makers and important stakeholders from the Pacific Alliance nations to promote trade, investment, and technology transfer between India & the LAC nations, said FICCI in a report on 2 Mar 2021.
The Pacific Alliance-Mexico, Colombia, Peru, and Chile-is one of the youngest regional groupings in Latin American. The liberal foreign trade policies of these countries, they also have higher growth and lower inflation rates than their neighbours. The trade and investment between India and the grouping have been increasing year on year, and as an observer member of the bloc, there is a vast scope for much deeper engagement. #exports #investment #manufacturing #technology /fiinews.com
