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Trade is the main factor in India-Latin America relations.[1] Latin America is India's fifth-biggest trading partner (if treated as one country).[2]
History
Before India's independence in 1947, contact between India and Latin America was minimal. A few Indians came into Latin America during this time period due to the trans-pacific slave trade.[3]
In the first 50 years after India's independence, ties between India and Latin America remained minimal;[4] India's participation in the Non-Aligned Movement and the British Commonwealth, as well as its geographical distance from Latin America,[5] separated it from the region. As recently as 1992, Indo-LAC (Latin America and the Caribbean) trade was worth less than $500 million.[6] However, India did provide support in UN votes to Latin American countries in their conflicts with America, resulting in reciprocal support,[7] and the Indian diaspora in LAC (such as the Indo-Caribbeans) was one of the factors providing a connection between India and Latin America throughout this time.[8]
In the 21st century, India-Latin America relations have increased significantly.[9] In 1996, as India and Latin America were taking steps to liberalize their economies, India started a "Focus LAC" policy.[10] In recent years, India has sought to improve relations with Latin America as part of its overall desire to be a leader on the world stage.[11] Latin America for its part has sought stronger ties with India as it has moved from a Western-oriented foreign policy in previous centuries to a more multipolar approach.[12] In 2012, the first India-CELAC (Community of Latin American and Caribbean States) summit was hosted in New Delhi.[13]
India signed a Preferential Trade Agreement (PTA) with Mercosur in 2004.[14] Peru, Chile and Colombia have expressed interest in signing or have expanded their PTAs with India in recent decades.[15]
India and China are sometimes analyzed as competing for engagement with Latin America;[12][16] Indian FDI in the region is around $12-16 billion, while Chinese FDI is worth $159 billion.[17] India-Latin American trade peaked at $50 billion in 2022,[2] and is projected to reach $100 billion by 2027.[18] Latin America receives 1/3rd of India's car exports,[19] while India seeks energy and food security through Latin America.[20] Weak transport capability and above-average tariffs are said to be significant factors holding India-Latin America trade back.[21]
See also
References
- ^ Seshasayee, Hari (2020). The ebb and flow of India-Latin America ties : exploring opportunities with Colombia. ALADI.
- ^ a b "Redrawing India-Latin America Relations in the 21st Century". orfonline.org. Retrieved 2024-05-17.
- ^ "The First Asians in the Americas: A Transpacific History | Center for the Humanities at Tufts | Tufts University". humanities.tufts.edu. Retrieved 2024-05-18.
- ^ "India and Latin America: Distant Acquaintance, Rhetorical Solidarity, Strategic Engagement". academic.oup.com. Retrieved 2024-05-18.
- ^ Desai, Ronak D. "A New Era For India-Latin America Relations?". Forbes. Retrieved 2024-05-18.
- ^ "India and Latin America Trade - Economic Ties Latin America and India". Americas Quarterly. Retrieved 2024-05-17.
- ^ Ross, Cesar (2013). "India, Latin America, and the Caribbean during the Cold War". Revista Brasileira de Política Internacional. 56 (2): 23–44. doi:10.1590/S0034-73292013000200002. ISSN 0034-7329.
- ^ Krishnankutty, Pia (2023-11-27). "How India is boosting its strategic & economic ties with distant Latin America, Caribbean". ThePrint. Retrieved 2024-05-17.
- ^ Domínguez, Jorge I. (2023-10-02). "India-Latin America Relations, 2000-22: Their Encounter and Shared Gains". Diplomacy & Statecraft. 34 (4): 777–799. doi:10.1080/09592296.2023.2270318. ISSN 0959-2296.
- ^ "LATIN AMERICA AND THE CARIBBEAN: NEXT STEP FOR - ProQuest". www.proquest.com. ProQuest 906073007. Retrieved 2024-05-17.
- ^ Seshasayee, H., 2023. Redrawing India-Latin America Relations in the 21st Century, OBSERVER RESEARCH FOUNDATION. India. Retrieved from https://policycommons.net/artifacts/3681569/redrawing-india-latin-america-relations-in-the-21st-century/4487482/ on 17 May 2024. CID: 20.500.12592/rpngcx.
- ^ a b "India vs. China in Latin America: Competing Actors or in Separate Leagues?". thediplomat.com. Retrieved 2024-05-17.
- ^ Sandra, Destradi; Eva, Küssner (2013). "Go South! India "Discovers": Africa and Latin America". 4. ISSN 1862-3581.
{{cite journal}}: Cite journal requires|journal=(help) - ^ Mishra, Shashank Mattoo,Ravi Dutta (2023-04-13). "India, Latin America in talks to expand preferential trade agreement". mint. Retrieved 2024-05-17.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ "India and Latin America: Where ignorance is not bliss". orfonline.org. Retrieved 2024-05-17.
- ^ "Latin America and the Asian Giants". Brookings. Retrieved 2024-05-17.
- ^ "What's Ahead for India and Latin America?". Americas Quarterly. Retrieved 2024-05-17.
- ^ "'India from Latin America' takes a fresh look at India's economic development". The Week. Retrieved 2024-05-17.
- ^ "Record trade of Latin America with India, but mainly commodities for industrial goods". MercoPress. Retrieved 2024-05-17.
- ^ "Latin America and India add value to each other in business and beyond…". Financialexpress. 2023-04-19. Retrieved 2024-05-18.
- ^ "IDB | New IDB study calls for more trade, cooperation between India and Latin America". www.iadb.org. Retrieved 2024-05-17.
Further reading
This page was last edited on 18 May 2024, at 15:46