India - New Player on Venezuela’s Field (to the 60th Anniversary of India-Venezuela Diplomatic Relations)

 
PIIS032150750004378-7-1
DOI10.31857/S032150750004378-7
Publication type Article
Status Published
Authors
Affiliation: Institute for Latin America
Journal nameAsia and Africa Today
EditionIssue 4
Pages17-23
Abstract

In 2019 New Delhi and Caracas celebrate the 60th anniversary of the establishment of diplomatic relations. The article analyzes the current state and prospects of cooperation between Venezuela and India, examines the historical context, as well as economical, political and cultural ties between the states. Special attention is paid to the cooperation in energy sector, in which the Bolivarian Republic has become one of the main partners of this South-Asian country in Latin America.

Though in historical perspective the bilateral relations have not received the impetus for serious development due to geographical remoteness, information vacuum and lack of obvious political conditions, nowadays, the intensification of investment and trade flows make the sides be more interested in each other. The main thrust to the cooperation was imparted only at the beginning of the 21st century. Venezuela has emerged as one of the largest India’s oil supplier after a bilateral Agreement on cooperation in the hydrocarbons sector was signed in March 2005. Access to Venezuelan markets plays an important role in the strategic goals of India to diversify its import and export and strengthen positions in the Latin American region. However, the political agenda in the bilateral interactions is rather small, the economic objectives have good potential and real opportunities for further engagements in the short and long term.

KeywordsIndia, Venezuela, international relations, diplomacy
Received25.04.2019
Publication date29.04.2019
Number of characters19926
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