INDIA-LATIN AMERICA HAVE STRONG DIPLOMATIC AND DEEP-ROOTED RELATIONS WITH PACIFIC ALLIANCE COUNTRIES, SAYS AMBASSADOR OF MEXICO FROM INDIA DR PANKAJ SHARMA AT FICCI MEETING

Dr Pankaj Sharma, Ambassador of Mexico from India yesterday said, “India enjoys very strong diplomatic and deep-rooted relations with the Pacific Alliance Countries.” He added that the bilateral trade between India and Mexico in 2021 has crossed 10.1bn US$ making India the 10th largest trading partner of Mexico. Addressing the inaugural session of ‘2nd Edition of Namaskar Pacific Alliance’ organized by FICCI, jointly with the Ministry of Commerce and Industry, Govt of India, Dr Sharma stated that the trade between India and Latin America faces procedural delays which significantly increases the cost of doing business. Hence, we need to address set issues to see the true potential of trade between India and Latin America countries. H.E. Mr Federico Salas Lotfe, Ambassador of Mexico to India and Representing the Pacific Alliance Bloc said, “The Pacific Alliance is an economic integration mechanism which is open and flexible and with the aim to build a deep integration in the region in an inclusive and participative manner. The Pacific Alliance also addresses cooperation in various fields such as infrastructure, innovation, entrepreneurship, sports, and culture.” Sanjiv Ranjan, Ambassador of India to Colombia & Ecuador, Govt of India highlighted the need for a Free Trade Agreements between India and the Pacific Alliance countries just like India has with Peru. There is a need to provide for necessary frameworks that would ease the business between the nations, he added. Arvind Varchaswi, Chair, FICCI LAC Regional Council and MD, Sri Sri Tattva, mentioned about the need to strengthen the bilateral trade arrangements between India and Pacific Alliance countries and create a platform for business entrepreneurs to engage in a dialogue towards enhancing trade and investments. He also emphasized on the role of traditional Medicine and efforts of the Ministry of AYUSH in fighting with the pandemic. Both India and Latin American region are rich in herbs required in traditional medicine and therefore saw a huge potential for research and development in the region. Narendra Rane, Co-Chair LAC Regional Council FICCI and COO, Indofil Industries Limited argued that signing FTAs with Mexico, Colombia and Peru will enable India in competing with other FTA partner countries of the pacific alliance. FICCI’s flagship initiative Namaskar Pacific Alliance aims to foster the bilateral trade and investment relations between India and the Pacific Alliance. 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. Pacific Alliance is a regional integration comprised of – Chile, Colombia, Mexico, and Peru – representing the eighth largest economy in the world. With a population of 225mn, this bloc accounts for 38% of the region’s GDP, 50% of its total trade, and further attracts 45% of the foreign direct investment (FDI). Presently, Mexico is holding the Pro Tempore Presidency of the Alliance. We believe that under Mexico’s presidency the relations between the business communities of India and the Pacific would further get strengthened. FICCI’s flagship initiative Namaskar Pacific Alliance aims to foster the bilateral trade and investment relations between India and the Pacific Alliance. 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.