By the Caribbean Journal staff

While exports from Latin America and the Caribbean to India represented just 0.9 percent of the region’s exports from 2008 to 2010, there is significant potential for increasing that number in the medium term, according to a report from the United Nations’ Economic Commission for Latin America and the Caribbean.

“On the back of recent global economic events, India and the countries of Latin America and the Caribbean must rethink strategic alliances both globally and regionally,” said Alicia Barcena, executive secretary of ECLAC, in the foreword of the report, entitled India and Latin America and the Caribbean: Opportunities and Challenges in Trade and Investment Relations.

At the end of last month, Trinidad and Tobago held its first Joint Commission with India to discuss potential areas of cooperation, including tourism, civil aviation and trade.

With the continued growth of India and the BRIC countries (Brazil, China, Russia and South Africa), trade has a lot of room to improve.

The Asia-Pacific market is the largest destination for Caribbean products, according to the report, with China its biggest export destination.

According to the report, India’s economy will surpass of that of Japan as the world’s third-largest economy in 2011 in terms of GDP measured by purchasing power parity.

“Countries in the region must work together with India to anticipate this new scenario, adjusting their policies and strategies so as to take advantage of the growing potential of South-South economic links and cooperation,” the report said.