India seeks greater bilateral trade relations with CARICOM

Bilateral trade relations between the Caribbean Community (CARICOM) and India have much room for growth with current figures in the region of $1 billion.

This is the view expressed by India’s Vice Minister and Special Secretary of the Ministry of External Affairs of India, His Excellency Mr. R. Swaminathan at the opening of the inaugural meeting of the CARICOM-India Joint Commission on Tuesday 2 June, at the CARICOM Secretariat, Georgetown, Guyana.

The Vice Minister said that his country’s investment in Latin America and the Caribbean was approximately $20B, while bilateral trade with the two regions amounted to $16B.

Against this backdrop, he lauded the opportunity the Joint Commission presented for strengthened bilateral trade arrangements particularly between CARICOM and India.

He envisioned a business forum in the near future, similar to one held in Trinidad and Tobago in 2005, for business entrepreneurs from India and the Caribbean to engage in dialogue to enhance investment and trade opportunities.

Mr. Swaminathan told that meeting that India attached very high importance to its relations with CARICOM, as was evident through the Joint- Commission meeting which purpose was to reinvigorate relations.

Noting that India also enjoyed very strong relations with individual Member States, he called for the liberalisation of movement of Indian nationals within for those who possess CARICOM work and resident permits, United States of America or Schengen visas.  Increased mobility of Indians through the CARICOM Region, he posited, would go a long way in increasing CARICOM-India engagement in business and people-to-people contact.