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India Seeks to Boost Trade Relations with Latin America

India Seeks to Boost Trade Relations with Latin America

Posted by Juan Gavasa on September 11, 2014

Indian Trade Secretary Rajeev Kher announced Wednesday that his country aims to negotiate free trade agreements with Latin American nations in order to boost commercial ties with emerging markets.

“We will negotiate Free Trade Agreements with countries with which we feel India has a strong exporting interest. For us those regions are Latin America, Africa, West Asia, CIS (Commonwealth of Independent States, which are Russia and former soviet nations) where we will look for partners. We are already doing that,” Commerce Secretary Rajeev Kher stated.

According to the The Elcano Royal Institute, trade between India and Latin America has increased from US$2.6 billion in 2001 to US$42 billion in 2013 and could reach US$100 billion in the next four years.

The Elcano Royal Insititue estimates that there are over 100 Indian businesses that have invested nearly US$12 billion in Latin America in various sectors including energy, IT, pharmaceuticals, agrochemicals, electrical products, mining, metals, auto parts, cosmetics and plastics.

Meanwhile, there are twenty Latin American companies that have invested a total of slightly less than US$1 billion in India in steel, multiplexes, bus assembly, auto parts and electrical motors.

​An Indian Trade Ministry press release stated that India is currently in the process of negotiating trade agreements with Peru, Colombia and Mercorsur, which is a trading bloc in Latin America comprised by Brazil, Argentina, Venezuela, Uruguay and Paraguay.

According to a United Nations Conference on Trade and Development (UNCTAD) report released today, it is estimated that the Indian economy will grow at a rate of 5.6 percent in 2014, while Latin American emerging economies will grow at around 2 percent.

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