In order to boost the economic ties of India and Latin America, a delegation led by India’s secretary of commerce Ms. Rita Teaotia attended the conferences from may 16-19, first in Ecuador and then in Colombia. She will also be attending the WTO(World Trade Organization) conferences wherein she will be reiterating on the need of strict international law on bio piracy and the misuse of patent with regard to India.
The Ecuador conference was the first meeting of India- Ecuador JETCO (Joint Economic and Trade Committee) which was signed in Oct. 2015 which initiated them conducting a conference once in every two years to increase trade and finance.
For further details regarding the establishment of the Joint committee http://commerce.gov.in/writereaddata/trade/India_Ecuador_Joint_Economic_Trade_Committee_JETCO.pdf
It commenced with the onset of a preferential trade agreement between them and also deliberating on deeper ties with their investment promotion agencies. The delegation included corporates in the field of pharmaceuticals, IT industry, Iron-Steel industry, Bio fuel etc.
With Colombia the conference sought to promote cooperation in telecom areas, IT fields, pharmaceuticals, bio tech, auto industry, non-conventional energies etc.
Indian companies have shown huge investment in Colombia and is thus a gateway to other Pacific Alliance grouping markets including Mexico, Chile and Peru. The Pacific Alliance contributes almost half of Latin American trade and a third of the region’s GDP.
This increase in the deepening of ties between the Latin American countries and India is proving to be beneficial to both the parties in terms of lowering the over-dependence of the former on the Chinese trade and in terms of balancing the growing power of China in these region by strengthening ties by the latter.