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India is strategically expanding its influence across the Indo-Pacific region, positioning itself as a key player in regional affairs. Three elements anchor the effort: development aid, trade and the diaspora. The country now has 20 Free Trade Agreement partners in the Indo-Pacific. The 21.8 million-strong Indian diaspora across the region is a significant source of soft power for India.
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Over two centuries, the U.S. has amassed vast economic powers across the globe during and after the two World Wars , and sanctions slowly became an effective tool it used to achieve its foreign policy goals, becoming the global emperor of sanctions.
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The crippling effect of American sanctions are thorough; designed to strangle economies and bring entire nations to a halt. However, they unknowingly pull people together, imparting a deep sense of patriotism and often sparking innovation which can quickly surpass any other world power. With sanctions being lifted on nations like Myanmar, Iran and, hopefully, Cuba, the question remains whether they will retain their uniqueness or fall into line with the rest?
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After respite from the U.S. government, Cuba now faces the daunting task of reviving its economy without having to give up on its political ideology. The Singaporean model of limited democracy is something Cuba could emulate.
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Even small Indian IT companies have managed to succeed in the Latin American market. Understanding the local culture is one of the main keys to success as illustrated in the case of Mann India Technologies, which was one of the earliest Indian entrants in the Latin American IT market.
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In 'Latin America Update' Gateway House lists some of the important events in Latin America over the past month
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In 'Latin America Update' Gateway House lists some of the important events in Latin America over the past month
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India seems to be treading down the path of fruitless populism that crippled many countries in the past, most notably in Latin America. But like Latin America, India too can embark on a course-correction by implementing pragmatic economic policies alongside progressive but results-driven social spending.
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The past decade has seen a significant rise in trade and investment flows between India and the Latin American and Caribbean (LAC) region. With an international system in flux, it is time for India and LAC to work together to shape a global order that better reflects current economic realities.
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Although India’s trade with Latin America has increased considerably, there is still much potential to be exploited. India’s should adopt an aggressive market oriented strategy by identifying local partners wherever possible to enable Indian companies to penetrate the region.