KEY POINTS
- India-Latin America trade is projected to double from $50 billion to $100 billion by 2030, according to Uruguay’s Ambassador.
- Uruguay seeks to expand the India-Mercosur Preferential Trade Agreement from 450 to 3,000 products, potentially leading to a free trade agreement.
- India will open an embassy in Uruguay next month, strengthening bilateral ties and signaling deeper engagement.
Trade between India and Latin America is expected to double to $100 billion by 2030 from the current $50 billion, according to Alberto Antonio Guani Amarilla, Uruguay’s Ambassador to India and Coordinator of the Latin American and Caribbean Group (GRULAC).
As reported by The Economic Times, Amarilla made the remarks during an exclusive interview on the sidelines of the LAC FIRST: India-Latin America & Caribbean Business & Diplomatic Conference. He emphasized that Latin America expects to remain a strong partner as India advances toward becoming a developed economy, with significant scope to expand cooperation across productive sectors.
Amarilla welcomed India’s decision to open an embassy in Uruguay next month, describing it as an important step in strengthening bilateral ties. He expressed hope that External Affairs Minister S. Jaishankar would attend the inauguration. He also called for greater high-level engagement, including a potential visit by Prime Minister Narendra Modi to Uruguay and a reciprocal visit by Uruguay’s President to India.
On trade, Amarilla said Uruguay is seeking an expansion of the existing India-Mercosur Preferential Trade Agreement, which currently covers around 450 products. The goal is to increase that to 3,000 products, potentially paving the way for a broader free trade agreement. He identified minerals, agro-industries, and pharmaceuticals as key sectors driving trade and offering further growth opportunities.
Commenting on global trade, Amarilla reiterated Uruguay’s longstanding support for open markets and free trade. Addressing energy markets, he noted that fluctuations in oil prices do not necessarily transform economies, citing Uruguay’s shift from being a net importer of oil to a major producer of renewable energy.
Strategic Implications for Investors
For international investors and expats in Uruguay, the projected doubling of India-Latin America trade underscores Uruguay’s strategic positioning as a gateway to the region. The expansion of the India-Mercosur agreement and the opening of an Indian embassy signal deepening bilateral ties, which could enhance Uruguay’s attractiveness as a stable investment hub. The country’s commitment to free trade and renewable energy further strengthens its appeal for long-term, diversified portfolios.
