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India and Latin America
Context:
Before taking over the G20 presidency, Brazil’s President Luiz Inácio Lula da Silva compared the group’s annual summit to a diplomatic “World Cup.”
Latin America
It is a diverse region that encompasses countries in Central America, South America, and the Caribbean, characterised by a rich cultural heritage and a variety of languages, primarily Spanish and Portuguese. There are 33 countries recognised in Latin America, including major nations such as Mexico, Brazil, Argentina, and Colombia, as well as smaller Caribbean nations like Jamaica and Trinidad & Tobago. It can be divided among the following regions: Central America, South America and Caribbean.
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- With members accounting for 85% of global GDP, the host of the annual G20 summit often commands global attention.
- Brazil’s presidency focused on three key priorities, outlined in the final declaration:
- Social inclusion and combating hunger and poverty.
- Sustainable development, energy transitions, and climate action.
- Reform of global governance institutions.
- However, the 2024 G20 summit in Rio de Janeiro may be best remembered for symbolising the challenges of a shifting global order, marked by disagreements over urgent issues such as climate change, war, and gender equality.
Brazil and India Find Common Ground
- Despite limited global consensus, the summit highlighted a strong alignment between Brazil and the previous G20 chair, India.
- The Indian Prime Minister emphasised shared priorities, including renewable energy, poverty eradication, hunger alleviation, and food security.
- He also used the opportunity to strengthen ties with key Latin American partners, including bilateral meetings with Argentina and Chile.
- India’s engagement with Chile advanced discussions on expanding their Preferential Trade Agreement into a Comprehensive Economic Partnership Agreement (CEPA).
- If realised, this agreement would elevate trade relations to the level of India’s comprehensive agreements with nations like the UAE, South Korea, and Japan.
India’s Outreach to the Caribbean and Guyana’s Oil Boom
- Following the G20 summit, the Indian Prime Minister extended his South American tour with a visit to Guyana and participation in the second India-CARICOM Summit.
- CARICOM, the 15-nation Caribbean Community, exemplifies “small state diplomacy” by leveraging regional integration to engage with major global powers.
- While India shares deep cultural ties with the Caribbean, economic relations remain underdeveloped, with bilateral trade reaching only $814 million in 2023.
- During his visit to Guyana, he signed 10 agreements across sectors like agriculture, defense, pharmaceuticals, and financial systems.
- Yet, oil dominated discussions. Guyana, now the world’s fastest-growing economy, has become a significant oil producer, surpassing even neighboring Venezuela.
- Despite years of dialogue, India has struggled to secure a stake in Guyana’s oil production, as much of it is managed by international giants like ExxonMobil.
