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Commerce and Industry Minister Piyush Goyal has pitched for increasing collaboration between India and LAC countries in areas such as tourism, hospitality and promoting investment flows. Latin America and the Caribbean (LAC) Region nations include Belize, Ecuador, Nicaragua, Brazil, El Salvador, Panama, Chile, Guatemala, Peru, Costa Rica, Guyana, and Suriname.

Goyal said huge opportunities are there in both regions to boost trade and investments. He also said that India and LAC countries need to come together so that their voice can become strong at global fora. Further, he said India can contribute a lot in areas like healthcare and hospitality. He said ‘There is a lot of scope for India and the LAC region to integrate in each other's supply chain.’

Besides, citing a WTO dispute on sugar, he said that India and the LAC countries need to build an atmosphere of trust to deal with such cases. On a bilateral trade target of $100 billion by 2027-28 from the present about $50 billion, he called for looking at a much more ambitious target.