Trade between India-Panama heading towards $50 billion: S Jaishankar

External Affairs Minister S Jaishankar and Panama Foreign Minister Janaina Tewaney held a joint press conference on Monday after holding discussions on several bilateral issues related to health and trade.

Addressing the joint briefing, EAM Jaishankar said India and Panama discussed what can be done to expand the cooperation and how Indian Pharmaceuticals can be brought to Panama.

"In the last three years, Indian pharmacy has made a change in the world. In covid we supplied vaccines, and we exported medicines to most of the developed world," Jaishankar said.

"Covid has taught us not to be dependent on very limited centres of production, on supply chains that can be disrupted so it is very important that there are more regional capacities, it is particularly important in health. It is not just trading, as research goes into it, we discussed how we can bring Indian pharmaceuticals to India," the EAM added.

Jaishankar said further that India sees Latin America as a region that is not too far as the trade is heading towards 50 billion dollars.

"Our companies are doing big projects in Latin America, we have large operations of Indian companies, we have daily exchanges, we have a capacity building and we have a diaspora here," the EAM added.

Speaking on the bilateral ties between India and Panama, Jaishankar, "It is a great pleasure to be in Panama as politically India and Panama have been strong close friends traditionally.

"We share attributes of democracies, markets, economy and pluralistic societies," he said.

"Our world outlook is also very similar, as we are part of large south-south cooperation there is a very good base of understanding and friendship," he added.

Speaking at the meeting held earlier, Jaishankar informed that most talks were devoted to how to deepen the India-Panama friendship and how to expand the cooperation in trade, investment, possibilities of exploring a logistics hub in Panama for Indian companies, challenges of affordable health, energy, renewables etc."

Jaishankar also said he was very appreciative of the care taken of the Indian community in Panama.

External Affairs Minister S Jaishankar on Monday arrived in Panama City for a two-day visit.

Jaishankar was received by Panama's Vice Minister for Foreign Affairs Vladimir Francos.

Taking to his official Twitter handle, Jaishankar stated, "Arrived in Panama City. Thank Vice Minister for Foreign Affairs @VladimirFrancoS for the warm reception. Look forward to a packed bilateral and multilateral agenda."

Earlier in the day, Jaishankar, while speaking at the inauguration of the Ocean-going Passenger-cum-Cargo Ferry, MV Ma Lisha in Guyana said that the ferry is a testimony of the close friendship between the two nations. He was on a visit to Guyana from April 21-24.

After his visit to Panama, the EAM on April 25 will embark on a Colombia visit where he would be meeting several top representatives of the Government, business and civil society. His Colombia visit would be the first Foreign Ministerial level visit to the country, the Ministry of External Affairs said in its release.

Jaishankar and Colombia's counterpart Alvaro Leyva Duran will review the bilateral ties. Following his visit to Colombia, Jaishankar will head to the Dominican Republic, according to an MEA release.

The visit to the Dominican Republic is the highest-level visit from India since the establishment of diplomatic ties in 1999. Jaishankar's visit takes place after the establishment of India's resident Embassy in Santo Domingo in 2022.

Apart from calling on the country's political leadership, EAM will be holding discussions with Foreign Minister Roberto Alvarez. The two leaders will formally inaugurate the Indian resident mission. EAM is also expected to deliver a talk at the Dominican Republic Foreign Ministry.