The Group of Latin American and Caribbean Countries expects trade with India to touch the $50-billion mark by 2014.
The group , one of the five geopolitical groupings recognised by the UN, is hopeful that India may turn into one of the countries that can ‘complement' its declining trade with Europe.
Mr Javier Paulinich, Ambassador of Peru to India and dean of the trade bloc , said trade with India stood at nearly $18 billion in 2011.
He was attending a business meet with Latin American and Caribbean Ambassadors, organised by the India Chamber of Commerce in Kolkata on Friday.
He pointed out that countries like Peru, Uruguay, Paraguay and Chile in the region were planning to shift focus gradually from agri-business to mining.
Brazil's Pie
Brazil accounts for more than 35 per cent of the trade between India and the group. The country is eyeing a nearly 50 per cent growth in bilateral trade with India, to $15 billion by 2015.
Mr Carlos Duarte, Ambassador of Brazil in India, said even though oil would continue to form the largest chunk of trade, the country was inviting investments in horticulture, pharmaceuticals, textiles and infrastructure.
He said Brazil issued 80 per cent more visas to Indians during the last five years.