NEW DELHI: India is looking to
expand its trade footprint in America with initial discussions initiated in the
Government for a possible free trade agreement (FTA) with Caribbean and Central
American countries and a logistics hub in Panama to help shipment of goods. The
move comes with fresh overtures to Cuba, which is returning to the global
mainstream.
Sources in Commerce Ministry informed that a plan for Indian logistics
centres in Panama has been discussed internally. The Central American Country
is a major shipping and airline hub and the facility can be useful to encourage
warehousing facilities to enable Indian goods to be delivered ‘just in time’ to
companies in the region.
Although it’s still in initial stages, a section in the Centre
believes that it would be useful to explore a trade agreement with Carricom,
the 15-nation trading bloc, along with a limited deal with the Central American
countries, the sources said. While India had earlier tried to diversify its
trade basket with a focused scheme for Latin America, the move has seen limited
impact. The region’s share in India’s exports is less than 3%, with Brazil,
Chile, Argentina, Columbia and Peru accounting for over 70% of this.
Commerce & Industry Minister Shri Suresh Prabhu is making a
rare visit to Cuba, where India is a partner Country for the Havana Trade Fair,
and is due to meet his Cuban counterpart apart from Trade Ministers from
Suriname, Barbados, Dominican Republic and Haiti. He then goes to Panama, where
a logistics hub — something that China has already done — is expected to figure
on the agenda.
Describing it as a “winwin” deal, the tropical farm produce from
the Caribbean countries is unlikely to put pressure on India’s farm sector, a
no-go area as far as opening up is concerned, sources informed. On the other
hand, few Government officials are also of the view that a trade agreement can
open the doors for Indian companies to provide lowcost medicines, automobiles,
engineering, textiles and leather products.
Source: Dailyshippingtimes.com
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