India, Chile Conclude First Round Of Talks For Proposed Comprehensive Trade Pact
In 2024-25, India's exports to Chile were down 2.46% to just $1.15 billion.
India and the South American nation Chile have concluded the first round of negotiations for the proposed comprehensive free trade agreement between the two countries, the Department of Commerce said on Friday.
The two countries implemented a preferential trade agreement (PTA) in 2006 and are now negotiating to widen its scope for a comprehensive economic partnership agreement (CEPA).
An expanded PTA was subsequently signed in September 2016 and became effective on May 16, 2017.
"India and Chile have successfully concluded the first round of CEPA negotiations. Discussions were held across 17 tracks during the round and both sides reiterated their commitment to deepen economic engagement and trade ties," the department said in a post on X.
The CEPA aims to build upon the existing PTA between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSMEs, and critical minerals.
The Joint Secretary of the Department of Commerce is the Chief Negotiator for India-Chile CEPA from the Indian side.
Earlier this month the two countries signed the terms of reference to negotiate a comprehensive free trade pact.
The bilateral trade between India and Chile is modest. In 2024-25, India's exports to Chile were down 2.46% to just $1.15 billion. Imports, however, grew 72% to $2.60 billion.
The biggest Indian exports to Chile are auto and pharms. The biggest import from Chile is minerals worth around $1.58 billion. Other products that are imported from Chile are copper and chemicals.
Chile is the fifth largest trading partner of India in the LAC (Latin American countries) region.
India's exports to Chile are diversified and constitute motor vehicles/cars, drug formulations, chemicals, products of iron and steel, man-made yarn, fabrics, cotton fabrics, made-ups, RMG (ready-made garments), auto components, electric machinery and equipment, leather goods, rubber products, aluminium and its product, and ceramics.
