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PM Modi meets Argentina President Javier Milei with focus on trade ties
The two leaders discussed the need to diversify and expand bilateral trade, which increased by 33% in 2024 to $5.23 billion
NEW DELHI: India and Argentina agreed on Saturday to enhance collaboration in trade, defence, technology, space and pharmaceuticals as Prime Minister Narendra Modi and President Javier Milei met in Buenos Aires to review bilateral ties.
Modi, the first Indian premier to make a bilateral visit to Argentina in 57 years, was given a ceremonial welcome before holding talks with Milei that extended to informal discussions over lunch. Argentina was the third destination in Modi’s five-nation tour that will also take him to Brazil and Namibia.
The two leaders discussed the need to diversify and expand bilateral trade, which increased by 33% in 2024 to $5.23 billion, making India the fifth-largest trade partner for Argentina. Argentina is one of the main suppliers of soybean and sunflower oil to India, and New Delhi sees the South American nation as a prime source for rare earth minerals such as lithium.
“President Milei and I discussed ways to diversify trade ties, cooperation in agriculture, defence, security, energy and more. There is immense scope in areas like pharmaceuticals and sports as well,” the PM posted on X.
Modi sought Argentina’s support in expanding the India-MERCOSUR preferential trade agreement to bring mutual benefits and open new opportunities, P Kumaran, secretary (East) in the external affairs ministry, told a media briefing after the talks between the two leaders.
The two leaders explored the possibility of expanding collaboration in defence, where they felt the two countries could leverage their respective capabilities to increase cooperation and contribute to mutual strategic interests, Kumaran said. The Indian side offered several indigenous defence platforms to Argentina and also offered to help with the maintenance and overhaul of the country’s helicopter fleet.
Modi highlighted India’s strengths in the fields of healthcare and pharmaceuticals, especially its ability to produce high-quality and affordable medicines. The Indian side raised the possibility of enhancing India’s position in Argentina’s pharmaceutical regulatory framework to facilitate smoother entry of Indian medicines into the market.
The Argentinian side said it can provide fast-track approvals for the import of Indian medicines that are already cleared by the US Food and Drug Administration (FDA) or the European Medical Authority (EMA), Kumaran said.
In the context of cooperation in energy and critical minerals, Modi emphasised India’s growing energy and industrial needs and said Argentina can be a “reliable partner” in supporting the country’s development. With the world’s second-largest shale gas and fourth-largest shale oil reserves, alongside sizeable conventional oil and gas reserves, Argentina also has “strong potential” to be an energy partner, Kumaran said.
Two Indian state-run firms - Coal India and KABIL - have already signed five concession agreements to explore for critical minerals in Argentina and are now finalising investments to produce and refine these commodities. Two Indian private companies have invested in lithium concessions in Argentina.
Modi also thanked Milei for the support and solidarity extended by Argentina following the Pahalgam terror attack in April that killed 26 civilians
