As Secretary P. Kumaran from the Indian Ministry of External Affairs embarks on a high-stakes visit to Colombia and Peru, the stakes are high for the young democracies of South America. Over the next six days, starting August 21st, the Indian delegation will engage with top government officials, business leaders, and think tank representatives in a bid to strengthen ties between India's growing economy and its two most important partners in the region.
"In our view, this visit represents a significant step forward for India-Latin America relations," said Dr. Nidhi Deshpande, Senior Fellow at the Center for Strategic & International Studies (CSIS). "The Colombian and Peruvian governments have signaled their commitment to deepening cooperation with India on key sectors such as trade, energy, pharmaceuticals, IT, and capacity-building."
Historical ties between India and Colombia date back to the 1970s when a mutual defense treaty was signed in response to the Soviet Union's military presence in Cuba. Peru followed suit by signing an agreement for cooperation in fishing and resource extraction. Over time, bilateral relations have expanded to cover areas such as trade, investment, energy, pharmaceuticals, IT, infrastructure, and capacity-building.
In recent years, India has emerged as a major player in the South American market, with bilateral trade growing steadily since 2010. According to data from the Indian Ministry of Commerce & Industry, exports to Colombia increased by 20% year-on-year in 2022-23, while imports saw a growth rate of 15%.
"The Colombian and Peruvian governments are eager to strengthen ties with India as they seek new markets for their products," noted Dr. Ravi Kapur, Director, South Asia Program at the Center for Strategic & International Studies (CSIS). "By fostering stronger links between our two economies, we can enhance economic growth, create jobs, and promote regional stability."
A key area of cooperation will be energy, with India seeking to tap into Colombia's vast oil reserves. Peru is also a significant player in this sector, with the government pushing for greater investment in renewable energy.
The Indian delegation will engage with Colombian and Peruvian leaders on August 23rd in Bogotá and Lima respectively, before attending business forums and seminars featuring prominent entrepreneurs and industry experts. The visit aims to demonstrate India's commitment to strengthening partnerships with these two countries as key players in regional and global affairs.
In the coming months, we can expect India to maintain its momentum of engagement in Latin America, while also navigating a rapidly shifting geopolitical landscape. As diplomatic tensions rise in the Asia-Pacific region, India must walk the fine line between maintaining its strategic alliances with neighboring nations and engaging with emerging powers in South America.
The stakes are high for this young democracy, as it seeks to secure its place among global leaders. The success of the visit will depend on effective communication, trust-building, and shared vision among all parties involved. As Dr. Deshpande noted, "India's engagement with Colombia and Peru presents a unique opportunity to forge new partnerships that can benefit both sides in times of peace and crisis."