India–Latin America Trade Set to Double to US$ 100 Billion by 2030

India’s economic relationship with Latin America and the Caribbean is entering a stronger phase, with bilateral trade expected to double from the current US$ 50 billion to US$ 100 billion by 2030. The projection reflects the growing importance of Latin America as a strategic trade and investment partner for India as the country expands its global economic footprint.

The outlook was highlighted by Uruguay’s Ambassador to India and Coordinator of the Latin American and Caribbean Group, Alberto Antonio Guani Amarilla, during the LAC FIRST: India-Latin America & Caribbean Business & Diplomatic Conference. He said Latin America will continue to be an important partner in India’s journey towards becoming a developed economy, with both regions having strong potential to deepen cooperation across productive sectors.

India and Latin America are increasingly finding common ground in trade, industry, energy, minerals, agriculture and pharmaceuticals. The two regions bring complementary strengths to the partnership. India offers a large market, manufacturing capacity, pharmaceutical strength, digital expertise and growing investment appetite. Latin America brings rich natural resources, agricultural depth, mineral reserves, renewable energy potential and access to expanding consumer markets.

A major area of focus is the India-Mercosur Preferential Trade Agreement. The existing framework covers around 450 products, but there is a growing demand to expand it to nearly 3,000 products. Such an expansion could create a wider trade corridor between India and the Mercosur bloc, which includes major Latin American economies. It could also serve as a stepping stone towards broader trade integration and future free trade arrangements.

The Ambassador also welcomed India’s decision to open an embassy in Uruguay, calling it an important development in bilateral relations. The move is expected to give fresh momentum to diplomatic engagement, business exchanges and trade facilitation between India and Uruguay, while also strengthening India’s larger outreach to the Latin American region.

Several sectors are expected to drive the next phase of India–Latin America trade. Minerals remain a major area of opportunity as India looks to secure critical raw materials for industry, infrastructure and clean energy. Agro-industries offer another strong avenue, with Latin America’s agricultural capabilities matching India’s growing demand for food products, edible oils and agri-linked trade. Pharmaceuticals also continue to be a key pillar, with Indian companies well placed to support affordable healthcare needs across Latin American markets.

Renewable energy is emerging as another promising field. Both India and Latin American countries are investing in clean energy, green technologies and sustainable infrastructure. Cooperation in solar power, biofuels, battery materials, grid technologies and green supply chains can create long-term value for both sides.

The projected rise to US$ 100 billion in trade by 2030 shows the growing maturity of India’s engagement with Latin America and the Caribbean. Stronger market access, wider product coverage, investment partnerships and better diplomatic connectivity can help businesses from both regions build deeper supply chain linkages.

As India diversifies its global trade relationships, Latin America offers a powerful partnership platform. The coming years could see the relationship move beyond traditional trade into a broader economic partnership built around minerals, food security, healthcare, clean energy, technology and investment-led growth.