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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]
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]
Nicaragua pursues an independent foreign policy. A participant of the Central American Security Commission, Nicaragua also has taken a leading role in pressing for regional demilitarization and peaceful settlement of disputes within states in the region.
The Inter-American Development Bank is an international financial institution headquartered in Washington, D.C., United States of America, and serving as the largest source of development financing for Latin America and the Caribbean. Established in 1959, the IDB supports Latin American and Caribbean economic development, social development and regional integration by lending to governments and government agencies, including State corporations.
A foreign direct investment (FDI) refers to purchase of an asset in another country, such that it gives direct control to the purchaser over the asset. In other words, it is an investment in the form of a controlling ownership in a business, in real estate or in productive assets such as factories in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment or foreign indirect investment by a notion of direct control.
A preferential trade area is a trading bloc that gives preferential access to certain products from the participating countries. This is done by reducing tariffs but not by abolishing them completely. It is the first stage of economic integration.
Luis Alberto Moreno Mejía is a Colombian businessman and former diplomat who served as President of the Inter-American Development Bank (IADB) from 2005 to 2020. He was also Colombia's Ambassador to the United States under President Andrés Pastrana Arango from 1998 to 2005, and is the former President of the Instituto de Fomento Industrial. He currently serves as a member of the Board of Trustees at the World Economic Forum (WEF) since 2011.
India–Nepal relations are the bilateral relations between the Republic of India and the Federal Democratic Republic of Nepal. Both countries initiated their relationship with the 1950 Indo-Nepal Treaty of Peace and Friendship and accompanying secret letters that defined security relations between the two countries, and an agreement governing both bilateral trade and trade transiting Indian territory.
India–Japan relations have traditionally been strong. The people of India and Japan have engaged in cultural exchanges, primarily as a result of Buddhism, since ancient times. The people of India and Japan are guided by common cultural traditions, including the shared heritage of Buddhism, and share a strong commitment to the ideals of democracy, tolerance, pluralism, and open societies.
Chile–India relations are the foreign relations between Chile and India.
Bangladesh–Bhutan relations are the bilateral relations between Bangladesh and Bhutan. The King of Bhutan was the first world leader to announce official recognition of Bangladesh's independence on 6 December 1971. The leadership of both countries have since exchanged many state visits. In 2016, the President of Bangladesh addressed the Parliament of Bhutan. On 6 December 2020, both countries signed a Preferential Trade Agreement (PTA) with provisions for free trade in certain goods. The signing of the PTA was witnessed by the Prime Minister of Bangladesh and the Prime Minister of Bhutan.
Indonesia–Pakistan relations refer to the diplomatic relations between the Republic of Indonesia and the Islamic Republic of Pakistan, which were established in 1955. Indonesia has the world's largest Muslim population, while Pakistan has the world's second-largest Muslim population. Unlike Pakistan, Indonesia is a constitutionally secular state and does not endorse Islam as its state religion; however, both countries are member states of the Organization of Islamic Cooperation. The two states are also part of the Developing 8. Pakistan has an embassy in Jakarta, while Indonesia maintains an embassy and a consulate-general in Islamabad and Karachi, respectively. According to a 2014 BBC World Service poll, 40% of Indonesians view Pakistan's influence positively, with 31% expressing a negative view.
Sino-Latin America relations are relations between China — which is by defined as either the People's Republic of China or the Republic of China — and the countries of Latin America. Such relations have become increasingly important between the region and Latin America.
India–Mauritius are the historical, political, economic, military, social and cultural connections between the Republic of India and the Republic of Mauritius. Connections between India and Mauritius date back to 1730, diplomatic relations were established in 1948, before Mauritius became independent state. The cultural affinities and long historical ties between the two nations have contributed to strong and cordial relations between the two nations. More than 68% of the Mauritian population are of Indian origin, most commonly known as Indo-Mauritians. India and Mauritius co-operate in combating piracy, which has emerged as a major threat in the Indian Ocean region and Mauritius supports India's stance against terrorism.
India–Kuwait relations are bilateral diplomatic relations between the Republic of India and the State of Kuwait. The two countries share friendly ties. Kuwait houses a large expatriate Indian population and is the source for 10–12% of India's oil imports while India is among the largest trade partners of Kuwait.
India–Netherlands relations are the foreign relations between India and the Netherlands. India maintains an embassy in The Hague, Netherlands and the Netherlands maintains an embassy in New Delhi and a consulate general in Mumbai. Both countries established diplomatic relations in 1947.
Argentina has strong cultural and historical links to the European Union (EU) and the EU is Argentina's biggest investor.
India–Venezuela relations are the international relations that exist between the Republic of India and the Bolivarian Republic of Venezuela.
India–Norway relations are the relations between the countries of India and Norway. Since the independence of India in 1947, the two nations have maintained a strong relationship as with India's relations with other Nordic countries.
The China-LAC Cooperation Fund is a multilateral investment and financing cooperation fund established by the Chinese government. The CLAC Fund is divided into a US$2 billion co-financing facility and US$3 billion investment fund. Both the co-financing facility and fund support investments and projects in Latin America and the Caribbean.
Indonesia–Mozambique relations are the bilateral relations between Indonesia and Mozambique. Both countries are members of the Non-Aligned Movement, Organization of Islamic Cooperation and the Indian-Ocean Rim Association.
Jordan Schwartz is a senior executive in the field of multilateral financing for emerging economies. After 25 years at the World Bank, he is currently the Executive Vice President and Chief Operating Officer of the Inter-American Bank of Development (IDB) where he chairs the operations and policy committee, overseeing the quality functions, strategy, and risk management for all IDB operations.
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