India to become potential buyer of L.American, Caribbean products products

14:59, July 28, 2010      

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A research by the Inter-American Development Bank said on Tuesday that India could become a potential buyer of agricultural and mineral products of Latin America and the Caribbean, given New Delhi's rising buying power.

With a 1.1-billion population and facing a huge lack of raw materials, India is poised to become a big buyer of agricultural and mineral products, main export resources of Latin America, the research titled "India: Opportunities and challenges for Latin America" said.

Thus India could become a great consumer of Latin American and Caribbean raw materials, it said.

The region's trade with India represents only 0.8 percent of its foreign trade, it pointed out.

The research suggested both sides reduce their commercial taxes and trade barriers to enhance trade. Currently, the average tax India levied on Latin American agricultural products remain as high as 65 percent.

Another difficulty to enhance trade is a lack of direct shipping route between the two sides, it said.

Source: Xinhua


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