PRESS RELEASE

Argentina and BRICS Ally India Expand Economic, Trade, and Technological Cooperation

Oct. 18, 2014 (EIRNS)—During a ten-day mission to India that began Oct. 8, and culminated in the Oct. 17-18 India-Latin America-Caribbean Business Conclave in New Delhi, a large mission of Argentine government officials and business representatives signed a number of economic and trade cooperation agreements, reflecting, in particular, the commitment of the Modi government to expand its ties with Ibero-America.

Carlos Bianco, Argentina’s Foreign Economic Affairs Secretary, particularly underscored the "political affinity" between Argentina and India, noting that the latter’s inclusion in the BRICS group of nations creates a "privileged link" between them. Among the key topics discussed, according to Argentina’s Foreign Ministry, was coordination on Argentina’s proposal to create an international convention to regulate sovereign debt restructurings, free from vulture fund interference, which India supports.

Argentina’s delegation included representatives of 47 companies, including a large grouping from the Argentine Union of Young Businessmen (Unaje), which held meetings in both Mumbai and New Delhi. Discussions centered on increasing Argentine exports to India, as well as expanding Indian investment in Argentina. Argentina is interested in increasing its imports of capital goods and other inputs from India, and delegation members held extensive discussions with representatives of the Indian Confederation of Industry and the Indian Federation of Exporting Organizations, among other institutional layers.

According to Tiempo Argentino Oct. 17, Planning Minister Julio De Vido also announced this week that the high-tech INVAP company, which built the ARSAT-1 satellite, will be building a plant in India for radioisotope production, valued at $34 million. The potential for scientific cooperation among the two nations is great.

More broadly, India’s Minister of Trade and Industry Nirmala Sitharaman, stated during the India-LAC Business Conclave conference yesterday, the current volume of trade between India and Ibero-America and the Caribbean "does not reflect the potential that can be realized by broadening the base of economic and trade ties, and diversifying the basket of goods and services to be traded," DiaroC online daily reported. Over the next five years, the doubling of trade between India and Ibero-America and the Caribbean should be a "collective goal," Sitharaman said.