This region's governments should promote closer ties with the South Asian giant and reduce the trade costs in order to make the most of this opportunity, according to a study carried out by the Inter-American Development Bank (IDB).
India's 1.1 billion population and scarce natural resources, relative to other nations of its size, mean that it has the potential to become a major purchaser of agricultural and mineral products, two of Latin America's main exports, the study says. Currently India comprises just 0.8% of global trade with this region, compared to 7.7% for China.
The analysis can be found in the IDB's book, “India, Latin America's Next Big Thing?”, produced by the Department of Integration and Trade and is based on the idea that India could emulate China's recent economic performance.
Producers are waiting for the Ministry of Agriculture establish the respective protocols to send meat to China.
Although China is the largest producer of many consumer products, it is not self-sufficient, said Erick Corro, president of the National Cattlemen's Association (Anagan). The official was visiting the Asian nation to promote the necessary contacts in order to boost Panamanian meat exports.
The Inter-American Development Bank has launched a new version of the Intrade website with information on tariffs and trade agreements for companies and countries seeking new markets for their exports.
A statement from the Inter-American Development Bank (IDB) reads:
IDB launches new version of Intrade, the most complete business information system in the region.
The country's principal markets are South Korea, Japan, the Republic of China Taiwan with which it has had free trade agreement (FTA) since 2008
In the first three months of 2011 exports totaled $46.7 million, 46% more than in the same period of 2010.
Supported by the FTA, Nicaragua has sold Asian markets a total of $12 million worth of products in the first quarter of 2011, according to a report by the country's Center for Export Prodedures (Cetrex).