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Why in the News?
Recently, India-CELAC (Community of Latin American and Caribbean States) Quartet Meeting was held on the sidelines of UNGA in New York.
Key Points:
About
Community of Latin American and Caribbean States(CELAC)
- CELAC is a regional forum, an intergovernmental mechanism for dialogue and political agreement, that brings together all Latin America and Caribbean countries.
- CELAC makes decisions by consensus and is governed by rules adopted by the Heads of State and Government Summit in Caracas in 2011.
- As a conglomerate, CELAC is the third largest economy in the world with a GDP of around $ 7 trillion dollars.
Significance of CELAC for India:
- Strengthening of diasporic ties with the Caribbean.
- India could become a member of the Inter-American Development Bank, thus gaining access to greater credit facilities for Indian investors in Latin America.
