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Alba Trade Agreement

Social movements are able to organize within the ALBA through the Official Council of Social Movements, hierarchically equal to the Councils of Ministers and therefore, at least theoretically, a position of equality with governments (Fuentes and Pereira 2011). This support for ALBA through independent social movements (many of which have been fundamental to overthrowing neoliberal regimes) is the key to ALBA`s assertions that it is an integration agreement established by the grassroots. This function is regularly hailed by commentators as an “important and innovative” aspect of regional agreements (De La Barra and Dello Buono 2012 p.35). Bolivian President Evo Morales joined ALBA in April 2006 and signed the people`s trade agreement. In January 2007, Nicaragua`s new president, Daniel Ortega, signed the agreement. Dominica arrived in ALBA in January 2008, followed by Honduras in August of the same year. Antigua and Barbuda, Ecuador and St. Vincent and the Grenadines officially joined alba in June 2009. In addition to funding ALBA Bank, financial assistance has been provided for projects through Petro-Caribe and the Petro Caribe Fund, an energy agreement that links Caribbean and Central American nations to Venezuela`s energy infrastructure and reserves. This organization serves as a gateway organization for ALBA. What about India and its commitments to ALBA-TCP? India has focused on establishing close bilateral relations with the various ALBA countries, with an emphasis on economic and trade exchanges. Indian companies continue to operate in the markets of Bolivia, Cuba, Ecuador, Venezuela and other countries for lithium, oil and gas, biofuels, iron ore, pharmaceuticals, information technology, etc. Of all the ALBA countries, trade relations with Venezuela were strongest.

In 2006, Hugo Chavez visited India and, in a spirit of South-South cooperation, invited India to join the economic and social changes that his country was going through. A political nod from Prime Minister Manmohan Singh`s UPA government has encouraged the public sector ONGC-Videsh Ltd (OVL), which was the first Indian oil company to run for E-P in the San Cristobal oil field. It should be remembered that it was only after the nationalization of oil that doors were opened for Indian companies in a market that has always been tightly controlled by the American and European oil giants. The footprints of Indian oil and other companies have spread to Cuba, Ecuador and Bolivia, all public economies. Make no mistake: the “Pink Tide,” which has flooded ALBA countries over the past decade, has proven to be a blessing for Indian affairs. Venezuela has become India`s third largest supplier of crude oil; At $7.38 billion in 2018, it was still the largest exporter of oil to India from the LAC.