India, Argentina Look Beyond Oil And Soy

Argentina and India are seeking to deepen their economic partnership beyond traditional commodity trade, with energy, food, critical minerals, agriculture, technology and investment emerging as key areas of cooperation.

The renewed push came as more than 90 companies from both countries participated in a business forum at Argentina’s San Martín Palace, alongside India’s Commerce Secretary Rajesh Agrawal and a delegation from the Confederation of Indian Industry (CII).

The discussions reflect the growing importance of India in Argentina’s trade strategy, as Buenos Aires seeks to position the country as a dependable supplier of energy, food and critical minerals while attracting greater investment from Indian companies.

Argentina’s ambassador to India, Mariano A. Caucino, said bilateral commerce had continued to expand in 2026.

“Argentina is strengthening its trade relationship with India, continuing the trend of recent years: during the first seven months of 2026, India became our country’s fifth-largest trade partner, reaching 4.335 million US dollars between Jan-July 2026,” Ambassador Mariano said.

Argentine exports to India reached a record $5.472 billion in 2025, an annual increase of about 40%, according to figures shared by Argentine officials. The momentum has continued into 2026, with exports to India reaching $3.685 billion during the first seven months of the year.

That has placed India among Argentina’s most important trading partners and given both sides an incentive to widen the relationship beyond its existing commodity base.

Agriculture and processed food are among the sectors where businesses see further room for expansion. The Buenos Aires Grain Exchange recently hosted a 23-member Indian business delegation accompanying Agrawal during his visit to Argentina. Discussions focused on opportunities to increase bilateral trade and investment, particularly in vegetable oils and agricultural products.

The visit also resulted in a Memorandum of Understanding between the CII and the Argentine-Indian Business Council aimed at promoting business ties and investment between the two countries.

Argentina is seeking greater market access in India for dairy products, sweet citrus, nuts, blueberries and lentils, while also working on trade facilitation measures. Officials are simultaneously looking at ways to deepen the existing MERCOSUR-India Preferential Trade Agreement by expanding the number of products covered.

Soybean and sunflower oil have been identified as areas where Argentine exports could grow further.

Gustavo Idígoras, president of the Argentine-Indian Business Council, pointed to the sharp increase in bilateral trade and said India’s expanding economic weight makes the country strategically important for Argentina.

He also argued that a more ambitious trade framework would be needed to unlock the relationship’s full potential, including discussions on a possible free trade agreement between MERCOSUR and India.

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From the Indian side, the focus is also shifting towards a more diversified economic relationship. Agrawal said India and Argentina have complementary strengths that could support a more ambitious partnership, with improving market access, developing new investment opportunities and expanding cooperation across sectors emerging as priorities.

In remarks shared on social media, Agrawal highlighted agriculture, minerals, energy, pharmaceuticals, healthcare, tourism, banking and telecommunications as areas where the two countries could deepen engagement.

The participation of companies with existing operations in Argentina, including UPL, Advanta, Tata and Sri Sri Tattva, also highlighted the existing footprint of Indian business in the country.

Energy, food and critical minerals are increasingly central to Argentina’s pitch to Indian investors and buyers. The country is seeking to leverage its natural-resource base and agricultural capacity to strengthen its role in India’s supply chains while encouraging Indian companies to invest in Argentine production and infrastructure.

Vegetable oils are among the products singled out for their growth potential. Argentine industry representatives said the country could expand its presence in India’s sunflower oil market, alongside its established soybean oil exports.

Idígoras also stressed Argentina’s geographic and geopolitical position, presenting the country as a stable source of agricultural commodities at a time when supply chains for some products face disruption.

“Argentina is a completely peaceful country and a reliable supplier,” he said.

The trade discussions are increasingly being accompanied by an investment agenda. Indian companies are being encouraged to look beyond imports and exports and consider Argentina as a base for investment in sectors such as energy, mining, agriculture, manufacturing and technology.

For Argentina, deeper participation by Indian companies could bring capital, technology and access to global value chains. For India, closer ties with Argentina could open opportunities in critical minerals, energy security and food supplies, while also creating opportunities for Indian companies seeking to expand their presence in Latin America.