Mumbai, October 9, 2018 (GPN) : Export-Import Bank of India’s study titled “India-LAC Trade: Recent Trends and Opportunities in Select Countries” was released at the hands of Gen. (Dr.) V K Singh (Retd.), Minister of State for External Affairs, Government of India; and H.E. Mr. Eduardo Frei Ruiz- Tagle, Former President of Chile and Special Envoy of the President to Asia Pacific, Government of Chile, during the 8th India-Latin America and Caribbean Conclave, held in Santiago, Chile.
Exim Bank’s study analyses the current trends in trade between LAC and India, and highlights the opportunities for further expanding trade relations between LAC and India. The study notes that bilateral trade between India and LAC has witnessed significant rise in the recent years, with total trade between the two regions doubling from US$ 17.5 billion in 2008 to US$ 35.6 billion in 2017. The study identifies potential items for exports from India in order to increase the overall bilateral trade between the two countries, while also addressing the issue of India’s trade balance and enhance India’s ranking as LAC’s trade partner.
The study notes that there exists significant untapped potential for Indian exporters in products such as, machinery and mechanical appliances; electrical machinery and equipment; plastics and its articles; petroleum products; optical and photographic equipment, among others. These product categories present opportunities for India due to their high import demand in the LAC region. The study identifies and enlists potential export items under each product category at 6-digit HS commodity code level.
The study also identifies key impediments in promoting trade and investment between the two regions and ways to address them. India currently has PTAs with MERCOSUR and Chile, and going forward, India could focus on negotiating comprehensive free trade agreements with other partner countries in LAC in the future, for realising the true trade potential between regions.ENDS