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Bilateral Trade between India Pacific Alliance to touch USD 30 billion: Joint Secretary, LAC, Ministry of Commerce

Mar 02, 2021

NEW DELHI, 02 March 2021: Mr Suresh Kumar, Joint Secretary- LAC, Ministry of Commerce, Govt of India yesterday said that India enjoys very strong diplomatic and deep-rooted relations with the Pacific Alliance Countries.

Addressing the inauguration of Namaskar Pacific Alliance organised by FICCI in association with Ministry of Commerce and Industry, Government of India and the launch of FICCI's Knowledge Paper on India-Pacific Alliance Building Partnerships, Mr Kumar said, "India's trade with the Pacific Alliance group has the potential to touch USD 30 billion in short span of time. He highlighted that the bilateral discussions and trade negotiations with Mexico and Colombia could lead to similar trade agreements that India has with Chile.

FICCI's flagship initiative Namaskar Pacific Alliance aims to foster the bilateral trade and investment relations between India and the Pacific Alliance.

Speaking at the event, HE Ms Mariana Pacheco, Ambassador-Designate of Colombia to India and Representing the Pacific Alliance Block said, "The Pacific Alliance is committed to enhance the trade and investment with India. She said that the Pacific Alliance is open to all the business and investment activities in region."

Mr 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 Pacific Alliance trade bloc.

Mr M Subbarayudu, Indian Ambassador to Peru highlighted the requirement of a cooperation in the field of renewable energy between India and the PA trade Bloc. He also said that there is an urgent need to solve trade and investment issues like regulatory, customs, procedural and others to increase the bilateral trade between India and the Pacific Alliance.

Mr 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. This 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.

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.

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