India and Latin American countries have set up a joint committees in diverse sectors including trade, agriculture and energy security, according to Indian and visiting Latin American officials Wednesday.

Chile, Cuba and Venezuela, the troika of Latin America's premier grouping, said Wednesday that Latin American countries are seeking closer strategic and economic partnership with India, said visiting Chilean Foreign Minister Alfredo Moreno Charme.

"India is an emerging power and the largest democracy in the world. Closer cooperation will open new areas of cooperation in economic, social and cultural fields," Charme said.

The Community of Latin American and Caribbean States (CELAC) region has stable financial system and is the largest food exporter in the world and the third largest energy exporter. It has the largest fresh water reserves in the world, which are the advantages for carrying out economic cooperation with other countries like India, he said.

India held the first foreign minister-level talks with the CELAC's troika of Chile, Venezuela and Cuba on Tuesday, during which both sides agreed to set up joint committees in sectors such as trade, agriculture and energy security between India and CELAC, a grouping of 33 countries of Latin America and the Caribbean region.