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Dear Sir/Madam,
As you might be aware, that although India is emerging as an important player in the world trade, it’s importance in Latin America and Caribbean (LAC)has been much lower than several other competing countries in the region. India's presence in LAC is ranked low compared to other major trading countries in the region such as the US, the European Union and China. However, in recent years, India has accorded high priority to this region in its trade policy, despite important constraints such as distance factor and low level of current economic engagement with the region.
Notwithstanding above constraints, India has strong export potential to become an important trading player in LAC. It has been reported that prudent action plan is needed to develop regional strategies and accordingly, India can embark on LAC in future because it is an emerging market, with presence of large middle income groups, high resources, efficiency in production of agro products and expanding manufacture importing destination.
There is convergence of interest between India and LAC in the external sector engagement. Therefore, India expects its deep integration with Latin America for both trade and investment. India has not only maintained very high growth performance with the region, but also is providing large market access to countries in the LAC region. Moreover, region’s eagerness to engage with Asia is an added advantage for India to develop a long term strategy in trade and investment to integrate with the region.
India is in the quest of new markets for trade and investment as the country is poised to enter into a five trillion economy by 2030. In order to enable India to emerge as a major Player in the LAC region by 2030, the Ministry of Commerce &Industry desires to have a focus study evolving an export strategy.
Since you are one of the member-exporters of the items covered by CHEMEXCIL to the LAC countries, we would request you to kindly send us your detailed comments/views/suggestions on the following , so as to enable us forward a consolidated note to the Ministry of Commerce & Industry with our recommendation to increase exports of the items covered by CHEMEXCIL to the LAC Countries:-
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What are the major problems which you are facing on export of your items to LAC countries?
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Are you facing any Nature of NTBs in the LAC?
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According to you, what are the major sectors/future markets for India’s exports and imports?
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What is the Future potential in specific goods sectors?
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Who are the major competitors in specific countries/RTAs/Sectors?
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How to counter distance factor specially towards reduction of transaction cost?
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How major trading partners are getting specific trade preferences in specific countries/RTAs through the Bilateral/Regional process?
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According to you what is the country specific import interest of India ?
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What type of benefit you require in your export product in LAC Countries ?
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What are the constraints you are facing in case of investment in LAC?
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What domestic policies are required by you to incentivise to invest in LAC countries?
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Your suggestion as to which form of investment would induce you to invest in LAC and which form of investment would induce LAC firms to Invest ? – M&A, Joint Ventures .
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Your suggestion/ direction if any on policy liberalisation to attract LAC investment in India.
You are also requested to give your last three year exports in LAC Countries. Please give country wise exports of last three years.
Your replies with requisite details on the above be sent to us at the earliest (within a week) on e-mail id’s ed@chemexcil.gov.in adreach@chemexcil.gov.in & Deepak.gupta@chemexcil.gov.in and will enable us prepare a comprehensive note to be sent to the Ministry to have useful discussion in their ensuing multi-Stakeholders meeting on India’s Engagement with LAC in Trade and Investment.
Thanking you and awaiting your immediate response on the above.
Yours faithfully,
(S G BHARADI)
EXECUTIVE DIRECTOR
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