External Affairs Minister S Jaishankar recently stated at the India-SICA Foreign Minister’s Meeting in New York that India is stepping up its diplomatic and economic ties with members of the Central American Integration System (SICA), with a particular emphasis on trade and digital payments.
Jaishankar highlighted investment opportunities in industries including agriculture, renewable energy, pharmaceuticals, and information technology, underscoring the growing interest of Indian businesses in SICA economies. He emphasized that India is dedicated to developing stronger economic connections with SICA, pointing out that these important industries are essential for both parties’ growth and sustainable development.
India’s proposal to make its Unified Payments Interface (UPI) technology available to SICA nations was a significant highlight. According to Jaishankar, UPI is a low-cost, revolutionary technology for cashless transactions. Because of the system’s effectiveness, over half of all cashless payments worldwide are handled in India. He stated his willingness to work with SICA partners to modify UPI for their respective economies, which might improve the region’s financial inclusion and payment system stability.
Over the past ten years, India’s involvement with SICA has significantly risen. In order to show his dedication to strengthening ties, Jaishankar recognized a number of high-level visits to SICA member countries, including the Dominican Republic, Guatemala, El Salvador, Panama, and Nicaragua, both his own and those of his deputy Pabitra Margherita. Though current trade problems have momentarily diverted focus, he laid out plans for future visits.
Jaishankar reaffirmed India’s belief that SICA is an essential partner in the scope of South-South Cooperation. He emphasized that cooperation is the best way to handle the development, poverty reduction, and climate change challenges that India and the SICA countries face. The gathering was characterized as a useful platform for sharing ideas and tactics regarding global trends and development.
To strengthen collaboration, India and SICA continue to use formalized interaction channels. With gatherings like the one in Panama City, the Mechanism for Political Dialogue and Cooperation, which was created in 2023, strengthened the desire for cooperation and the expansion of relationships.
Alongside the meeting, Jaishankar spoke with representatives from Guatemala, Costa Rica, Australia, Egypt, the United Kingdom, and Malaysia, as well as Panama’s Foreign Minister Javier Martinez-Acha. These exchanges, which were indicative of India’s multilateral strategy, centered on strengthening bilateral ties and promoting common interests in international fora.
Jaishankar also participated in the UN General Assembly session and the G20 Foreign Ministers’ Meeting. In times of geopolitical and economic instability, he urged G20 countries to put global stability first through communication, diplomacy, and strong counterterrorism measures, paying particular emphasis to energy and economic security.
India’s cooperation with SICA nations is expected to progress in areas such as climate action, food and health security, renewable energy, and digital transformation. In order to establish SICA as a pillar of India’s involvement in the Latin American and Caribbean area, the main goal is to take advantage of shared possibilities and tackle shared issues.
