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India - Celac Dialogue: A new beginning

1,219 views · Published 16 August 2012 · 28:02 · Indexed 31 October 2026

Channel: Sansad TV · 2012 · News & Politics

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First ever India-CELAC (Comunidad de Estados Latinoamericanos y Caribeños) Dialogue was hosted in New Delhi on August 7, 2012. The first ever dialogue with Foreign Ministers of Latin America and the Caribbean (LAC) countries was an effort towards expanding trade and commerce ties with the region. 

CELAC, a regional bloc of Latin American and Caribbean nations came in being on February 23, 2010, at the Rio Group--Caribbean Community Unity Summit held in Playa del Carm en, Quintana Roo, Mexico. It consists 33 sovereign countries in the Amerueicas, and totals roughly 600 million people.

In the first ever dialogue Minister of Foreign Affairs of Chile Mr. Alfredo Moreno Charme. Chile currently hols the presidency of CELAC. The Foreign Minister of Venezuela Mr. Nicolas Maduro and the Vice Foreign Minister of Cuba, Mr. Rogelio Sierra participated in the meeting as members of the Troika. Foreign Affairs Minister S M Krishna hosted to the event.

The India-CELAC dialogue looks at achieving a working mechanism between the thirty member bloc with New Delhi. In the meanwhile there is a need for CELAC also to install a mechanism whereby its member countries can offer Indian companies a positive business environment. 

At present, the Latin American region accounts for 4 per cent of India's trade. From about two and a half billion US dollars in 2001, two-way trade between India and Latin America rose to 25 billion US Dollars in 2011. It includes 11.6 billion Dollars of India's exports to Latin America and imports worth 13 and half billion US Dollars. Experts too are of opinion that the region has much more potential that has been realised till now.

Latin America and the Caribbean region had an estimated 4.3 percent GDP growth in 2011. The region is projected to grow at 3.7 percent through 2012.  It is an opportunity for India to further its market diversification programme. Latin America's disillusionment with financial crisis in Europe and an uncertain economic outlook in US, improved India-CELAC trade ties may very well help New Delhi surpass the growth rate of China.

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