India's Latin American Friends
Yesterday, Latin American leaders from the Community of Latin American and Caribbean States (CELAC), met with Indian leaders in New Delhi to discuss future cooperation. The summit produced a Science Forum, an Energy Forum, an Agricultural Export Group, a Business Council, and a CEOs Forum. As one would expect, both sides agreed that terrorism is bad, economic cooperation is good and much more is still needed.
In 2011, India’s trade with Latin America reached $25 billion – a huge increase over the last decade, but still a pittance when compared with US trade with the region at $771 billion and Chinese trade at $245 billion.
Relations with India give Latin American countries more power in negotiations with China. When China stopped buying Argentine Soybean oil in retaliation against import restrictions, India quickly moved in to close the gap. From 2009-2010, India's imports of Soybean oil from Argentina tripled from $606 million to $1.8 billion.
...http://revpana.wordpress.com/2012/08/08/latin-americas-indian-friends/