Emerging Latin American and the Caribbean(LaC) Markets: Growth, Opportunities, and Challenges to India

Our paper-'Emerging Latin American and Caribbean(LaC) Markets: Growth, Opportunities, and Challenges to India', is aimed at analyzing and observing the shifts in Latin American and Caribbean trade integration and how changes in this crucial and volatile region will affect India's aggressive push to secure its energy security framework, food security and raw material requirement. As per the data provided by the Ministry of Commerce and Industry for the financial year 2012–13, Latin America has a share of ∼4.5% of India's total exports, but taking various inputs into consideration, there remains huge potential yet to be tapped. The second part of the paper concentrates on the various socio-economic indicators which will compare Latin America and India in specific and BRICS in general. The next part touches upon several regional trade arrangements such as MERCOSUR, Andean Pact, CARICOM, CELAC etc. and their impact on India. This serves as an analysis of the course of development of the trade and investment relationship between India and Latin America over the years. The fourth part sheds light on the various challenges and opportunities for India in her business with LaC, placing it in the context of China\'s aggressive trade with the developing world. The concluding part reviews how the relationship between the two regions can be strengthened and also puts forth various suggestions for expanding trade horizons.