Many people in senior business positions in India think Latin America is like Africa!! Little knowing that the combined LatAm economy is USD 3 trillion, dwarfing Africa. On my previous visit, I was asked by one Indian business contact about the possibility of selling refugee tents in LatAm. When I told this to an Argentine friend, he joked that the current government was working to make that a reality.

These trade figures are way under potential and a concerted marketing effort is required to boost these numbers. Since they are coming off such a low base, can be easily tripled in the next 3 years.
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India’s exports to countries in the Latin American and African regions have seen a steady and continuous rise over the past five years.

India’s exports to the Latin American region increased from $2.16 billion in 2004-05 to $6.01 billion in 2008-2009, recording a growth of about 178 per cent. Likewise, the country’s exports to the African countries increased from $5.6 billion in 2004-05 to $14.57 billion in 2008-2009 – a growth of about 160 per cent.

minister of state for commerce and industry Jyotiraditya M Scindia noted that there has also been an increase in the trade and business enquiries from these regions over the years. With a view to enhancing our exports to Latin America and Africa, the government has initiated a process for expansion of the existing India-Chile Preferential Trade Agreement (PTA) and India-MERCOSUR (trade bloc of Brazil, Argentina, Paraguay and Uruguay) Trade Agreement, the minister pointed out.

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