India-Latin America Trade to Reach US$ 100 Billion by 2030 from US$ 50 Billion Currently: Uruguay Ambassador
- IBEF
- June 25, 2026
Trade between India and Latin America is expected to double to Rs. 9.47 lakh crore (US$ 100 billion) by 2030 from the current Rs. 4.74 lakh crore (US$ 50 billion), highlighting the growing economic partnership between the two regions. Speaking at the LAC FIRST: India-Latin America & Caribbean Business & Diplomatic Conference, Uruguay's Ambassador to India and Coordinator of the Latin American and Caribbean Group (GRULAC), Mr. Alberto Antonio Guani Amarilla, said Latin America is expected to remain an important partner as India progresses towards becoming a developed economy. He noted that both regions have significant opportunities to expand cooperation across productive sectors and further strengthen trade and investment ties. The Ambassador emphasised that Latin America has emerged as a key economic partner for India and that deeper engagement can unlock substantial growth opportunities for businesses on both sides.
The Ambassador also welcomed India's decision to open an embassy in Uruguay next month, describing it as an important step towards strengthening bilateral relations and expanding economic cooperation. He called for the expansion of the India-Mercosur Preferential Trade Agreement, which currently covers around 450 products, to nearly 3,000 products as a pathway towards broader trade integration and potential future free trade arrangements. Minerals, agro-industries and pharmaceuticals were identified as major sectors driving bilateral trade growth, while renewable energy and other emerging sectors offer additional opportunities for collaboration. The projected increase in trade reflects growing economic complementarities between India and Latin America and is expected to support stronger market access, investment flows, supply chain partnerships and long-term economic engagement between the two regions.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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