In February, Union Minister of Commerce & Industry and Civil Aviation Mr Suresh Prabhu said that India is keen to strengthen bilateral ties with Argentina which is one of the leading trading partners of India in the Latin American region. Addressing the India-Argentina Business Forum the Commerce Minister said there are complementarities between the two countries. Both countries recognize need to upgrade bilateral trade and economic relations from the current level to a higher level by utilizing the untapped potential available to both nations.

Mr Prabhu said that India wants to partner with Argentina in its efforts to become a USD 5 trillion economy by 2025. He said that the Commerce & Industry Ministry has identified 12 champion sectors to enhance the contribution of services sector to USD 3 trillion. The Minister urged Invest India to create special dispensation for Argentina.

The Commerce & Industry Minister informed that Argentina is a major player in the field of agriculture and India can benefit from the expertise of Argentina in reducing pre and post-harvest losses. The Minister also said that India and Argentina can work together to reduce the impact of climate change on agriculture.

The Minister said that Indian pharmaceutical products are recognized globally for their high quality and affordable prices and cooperation in this sector can greatly benefit consumers of Argentina. India is capable of supplying high quality generic drugs at affordable prices to meet the needs of the Argentine pharma market.