♤ Mercosur, a sub-regional bloc consisting of Argentina, Brazil, Paraguay and Uruguay,

remains India’s largest trading partner in the region with US$15.9 billion in trade in 2016.

♤ The trade has gone up slightly from $29.7 billion in 2015-16 but is down from $43 billion in 2014-15.

♤ The main reasons for the decrease in trade are the fall in commodity prices imported by India from Latin America and the recession of the region in 2015 and 2016.

♤ India’s import of crude oil from the region fell to $9.5 billion in 2016-17 from $20 billion in 2014-15, thanks to the decrease in oil prices from over $100 dollars to less $50. The volume of crude imports had, in fact, increased.

♤ Brazil has overtaken Venezuela to become the leading trade partner of India with US$6.69 billion. Trade with Venezuela was US$5.8 billion, with Argentina US$3 billion, Chile US$2.6 billion, Colombia US$1.69 billion, and Peru US$1.52 billion.

♤ Venezuela has remained the largest source of imports in the region, with US$5.7 billion, followed by Brazil, Argentina, Mexico, Chile, Colombia, Peru, Ecuador, Dominican Republic, Bolivia and Paraguay.

♤ India’s bilateral trade with Cuba is minuscule at just $43.18 million in 2016-17. Of this,

India’s exports to Cuba were worth $41.87 million, and imports from that country were only

$1.31 million.

♤ The Indian government has provided Line of Credit to Cuba the tune of $173 million for projects including milk powder processing plant, bulk blending fertiliser plant, power co- generation project and wind farm.

♤ In May 2017, Ecuador expressed its interest in signing a preferential trade agreement (PTA) with India to enhance trade linkages. Colombia has also shown interest towards collaborating in industries like food processing and agriculture.