Next Round Of Talks On Proposed Trade Pacts With Chile, Peru In August: Official
While India-Chile will hold the second round of talks, India-Peru will have the eighth round of negotiations, the official said.
The next round of negotiations for the proposed comprehensive free trade agreements between India and two South American countries - Chile and Peru - will be held in August, an official said on Wednesday.
Both agreements are being negotiated separately.
While India-Chile will hold the second round of talks, India-Peru will have the eighth round of negotiations, the official said.
India and Chile held the first round of negotiations for the proposed comprehensive free trade agreement in May. 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.
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 (micro, small and medium enterprises), and critical minerals.
The bilateral trade between India and Chile is modest. In 2024-25, India's exports to Chile were down 2.46% to just USD 1.15 billion. Imports, however, grew 72% to USD 2.60 billion.
The largest Indian exports to Chile are auto and pharma. The biggest import from Chile is minerals worth around USD 1.58 billion. Other products 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 products, and ceramics.
On the other hand, Peru has emerged as the third-largest trading partner of India in the Latin American and Caribbean regions.
During 2024-25, India's exports to Peru rose by about 9% to USD 1 billion, while imports grew 60% to USD 4.98 billion.
India's main exports to Peru include motorcycles and three-wheelers, polyester and cotton yarns, pharmaceuticals, iron and steel products, plastic products, rubber, pipes for the oil and gas industry, tyres, pipes, etc.
Main imports from Peru are gold, copper, synthetic filaments, phosphates of calcium, fresh grapes, and fish flour.
