Prime Minister Narendra Modi and Argentine President Javier Milei have agreed to diversify the bilateral trade basket between their countries and expand cooperation across several key sectors. The leaders emphasized boosting defense cooperation to serve their strategic interests during their discussions.
Modi's visit to Buenos Aires marked the first bilateral visit by an Indian Prime Minister to Argentina in 57 years, though he attended the G20 Summit there in 2018. He described his meeting with President Milei as "excellent". Both leaders acknowledged the significant progress made in bilateral relations and expressed optimism about the future.
Secretary (East) in the Ministry of External Affairs, Periasamy Kumaran, noted that the two leaders are committed to enhancing collaboration in trade, commerce, technology, defense, space, health, and pharmaceuticals and to deepening the strategic partnership by expanding and diversifying trade. Modi also mentioned the immense potential for cooperation in pharmaceuticals and sports.
The discussions also focused on critical minerals, especially lithium, which is essential for India's green energy transition. In August 2022, the countries signed an MoU on cooperation in mineral resources, and the first meeting of the joint working group took place in January.
Bilateral trade between India and Argentina has been increasing, more than doubling between 2019 and 2022, reaching $6.4 billion in 2022. In 2021 and 2022, India was Argentina's fourth-largest trading partner. In 2024, the total annual bilateral trade was $5.23 billion, making India Argentina's fifth-largest trading partner and export destination.
Following his visit to Argentina, Prime Minister Modi departed for Brazil to attend the 17th BRICS Summit in Rio de Janeiro. He also thanked President Milei for Argentina's support following the recent terror attack and appreciated their solidarity. During his stay in Buenos Aires, Modi paid homage to Rabindranath Tagore, acknowledging the lasting impact of Tagore's 1924 visit on educators and students in Argentina.
