The september 2006 report of UN Economic Commission for Latin America and Caribbean, based in Santiago, attaches importance to India and China for the exports of Latin American countries. It has dedicated one whole chapter on this out of the total of six chapters on its report "Latin America and caribbean in the world economy"
Here is what they have said:
-The robust growth occuring in China and india is of great importance to the world economy and in particular for latin America and caribbean.
- India has already concluded trade agreements with Mercosur and Chile. South America should consolidate this trend by further strengthening its trade links based on greater productive complementarity with both China and India, creating the necessary trade and technology partnerships.
- For Mexico and Central America to attain more strategic relations with China and India, the ECLAC report suggests that increased intra-industry trade. This could open new access routes to Asian markets and foster incorporation of new technologies, rather than compete face-to-face in third markets like the United States.
-Latin America should take advantage of the opportunities offered by both China and India to enter existing production and distribution chains. One way of achieving this is through trade agreements with both countries. In this respect, the agreement already signed by Chile and China and the agreement negotiated between India and Mercosur are promising, but require more depth and wider scope.
ECLAC has noted that 30 percent of world trade growth last year has come from India and China.