While the nature of the trade relationship between Latin America and India is similar to the Sino-Latin America relationship in its reliance on raw materials, hype over India as a potential alternative to China for the region is largely unfounded.
UNASUR’s failure goes beyond political fortunes. The rhetoric of integration fell flat in the face of reticent national bureaucracies unwilling or unable to give up sovereignty and protectionist policies.
Brazil, Argentina and Paraguay account for 76% of world exports of soybean meal and 68% of exports of soybean oil. But as with other natural resources, the source of these riches—the technological advances contained in the seeds—remains out of reach.