During the closing ceremony of the '9th CII India-LAC Conclave', focused on enhancing South-South Cooperation, Shri Sunil Barthwal, Secretary, Department of Commerce, Ministry of Commerce & Industry, highlighted the immense potential for expanding bilateral trade between India and Latin American & Caribbean (LAC) countries.

He emphasized upon the need for innovative approaches to diversify trade exchanges, especially in the context of a re-globalized world and changing energy landscapes. He highlighted the role of the G20, particularly under India's presidency, in addressing the concerns of the Global South and deeper engagements with the LAC region during the G20 Presidency of Brazil in 2024.

Shri Barthwal underscored the significance of India-LAC collaboration in achieving energy transition goals. He called for fresh perspectives in renewable energy, battery manufacturing, energy storage technology, and the chemical industry to align with the Net Zero objective.

Proposing a collaborative framework, Shri Barthwal suggested a Joint Economic & Trade Cooperation model and emphasized the importance of unified efforts in addressing issues at the international forums. He reiterated the remarks of the Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal that “Trust is the bedrock of cooperation and collaboration between Indian and the Latin American and the Caribbean countries”.

The closing ceremony of the '9th CII India-LAC Conclave' was graced by the Union Minister of State for External Affairs, Ms. Meenakshi Lekhi and H.E. Ms. Delcy Eloína Rodríguez Gómez, Executive Vice President and Minister of People’s Power for Economy, Finance & Foreign Trade of the Bolivarian Republic of Venezuela.

Trade diversification: India seeks deeper cooperation with Latin America and Caribbean to boost energy-transition industries. India proposes a Joint Economic & Trade Cooperation model to diversify exports and deepen trade ties with Latin American and Caribbean countries, prioritizing collaboration in renewable energy, battery manufacturing, energy storage technology, and the chemical industry to support Net Zero objectives and coordinated engagement at international forums.