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Modi and Milei Forge New Trade Frontiers for India and Argentina

Leaders Commit to Deepening Strategic Partnership in Buenos Aires

In a landmark meeting, Indian Prime Minister Narendra Modi and Argentine President Javier Milei vowed to diversify and strengthen bilateral trade, focusing on critical minerals, defense, energy, pharmaceuticals, and agriculture. The talks, held during Modi’s historic bilateral visit to Argentina—the first by an Indian prime minister in 57 years—marked a significant step in elevating the strategic partnership between the two nations.

Modi, on the third leg of his five-nation tour, expressed gratitude for Argentina’s solidarity following the recent Pahalgam terror attack and highlighted the potential for deeper ties. “As we celebrate 75 years of diplomatic relations and five years of our Strategic Partnership, India and Argentina are natural partners poised to take our cooperation to greater heights,” Modi posted on X after the discussions.

Expanding Trade and Strategic Cooperation

The leaders emphasized diversifying the bilateral trade basket, which reached $5.23 billion in 2024, making India Argentina’s fifth-largest trading partner. To boost market access, they directed the formation of a joint working group on agriculture to enhance trade in agricultural and dairy products. Modi also pushed for expanding the India-MERCOSUR trade agreement, which includes Argentina, Brazil, Paraguay, and Uruguay, to deepen economic ties.

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Argentina’s vast reserves of critical minerals, such as lithium, copper, and rare earth elements, were a focal point, aligning with India’s quest for sustainable resources to fuel its clean energy transition. “Argentina can be a reliable partner in supporting India’s energy and industrial growth,” said Periasamy Kumaran, Secretary (East) in India’s Ministry of External Affairs, noting Argentina’s significant shale gas and oil reserves.

Defense and Technology on the Rise

Defense cooperation emerged as a key pillar, with both sides exploring ways to leverage their capabilities. India offered support for maintaining Argentina’s military helicopter fleet and proposed several military platforms, though details were not disclosed. The leaders also discussed collaboration in drones, digital innovation, and India’s Unified Payment Interface (UPI), which piqued Milei’s interest for its potential to enhance monetary policy control.

In pharmaceuticals, Modi advocated for smoother market access for Indian medicines by moving India to Annexe I of Argentina’s regulatory framework, highlighting India’s ability to provide high-quality, affordable drugs. Argentina shared details of its fast-track approval process for Indian pharmaceutical imports.

A Vision for the Future

The talks underscored a shared commitment to expand cooperation in green energy, mining, education, and people-to-people linkages. Modi received the Key of the City of Buenos Aires from Chief of Government Jorge Macri, symbolizing the strengthening bond. A lunch hosted by Milei further cemented the goodwill.

Since their strategic partnership was established in 2019, India and Argentina have deepened ties in trade, nuclear energy, and culture. Bilateral trade has surged, doubling from 2019 to 2022, when it peaked at $6.4 billion. A 2022 MoU on mineral resources, particularly lithium, has laid the groundwork for ongoing collaboration.

“This visit will open new avenues for cooperation, reinforcing the strong foundation of our strategic partnership,” Kumaran said. As India and Argentina chart a dynamic path forward, their collaboration promises to reshape trade and strategic ties in the Global South.

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