India can explore new avenues in Latin America

New Delhi, December 22, 2014.- India and Latin America stand to mutually benefit through meaningful and purposive cooperation in a range of areas spanning science and technology, space exploration, ocean research, renewable energy and environment, said Riva Ganguly Das, Joint Secretary and Head, Latin American and the Caribbean Division, Ministry of External Affairs, Union Government.

In an invited lecture on “Emerging Latin America and the Caribbean: Opportunities for India” organised by the Pondicherry University UNESCO Madanjeet Singh Institute of South Asia Regional Cooperation, Ms. Das said their integration with the global economy opened up bilateral trade and business opportunities for both countries which were not only major regional economies but also important for being leading members of the emerging regional trading blocs.

The event was co-hosted by the Centre for South Asian Studies and Casa de American Latina, Auroville, the School of Social Sciences and International Studies.

Stressing the Indian imperative for building “new and sustainable bridges with the Latin America-Caribbean region,” Ms. Das felt that the Indian business community should explore more intensely, especially in the area of trade and commerce, the Latin American and Caribbean markets and take advantage of the existing favourable relationship between the two regions.

Calling for removal of several bottlenecks to realisation of trade potential, she pointed out that apart from the mindset of the exporters who have long operated under a protectionist umbrella, there was an information gap turning a roadblock to establishing contacts between the trading communities of both sides.

“Undoubtedly, to strike a trade balance and reduce the disparities in terms of the two-way trade between India and Latin America, efforts need to be made to institutionalise mechanisms that could correct the discrepancies. Also, efforts need to be made to institute a structured dialogue with some of the Latin American regional arrangements,” she said.

She also advocated constitution of joint business councils. Tourism promotion should be emphasised between India and Latin America which, among others, could include not only vacation destinations but also cultural and religious centres of interest to people of both India and Latin America, the official said.