NEW DELHI, May 13 : India and Chile, a South American nation, on Wednesday reviewed the progress of negotiations for the proposed free trade agreement and discussed modalities for its early conclusion, an official statement said.
Chilean Foreign Affairs Minister Francisco Perez Mackenna held meetings with Commerce and Industry Minister Piyush Goyal and Commerce Secretary Rajesh Agrawal here. The Chilean minister is leading a delegation here.
“Apart from discussing the modalities for early conclusion of Comprehensive Economic Partnership Agreement (CEPA), the interactions also covered a broad range of issues relating to trade facilitation, market access, investment promotion and strengthening institutional economic engagement between the two countries,” the commerce ministry said.
Both sides also deliberated upon ways to enhance collaboration in sectors such as critical minerals, renewable energy, agri-business, infrastructure, pharmaceuticals, digital services, logistics and advanced manufacturing.
India and Chile implemented a preferential trade agreement (PTA) in 2006 and are now negotiating to widen its scope for a CEPA.
The CEPA with Chile aims to build upon the existing PTA 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 pact could help India access critical minerals, which are key inputs for electronics, auto, and solar sectors.
According to reports, Chile holds the world’s largest lithium reserves and is the top producer of copper.
The bilateral trade between India and Chile is modest. In 2024-25, India’s exports to Chile declined 2.46 per cent to just USD 1.15 billion. Imports, however, grew 72 per cent to USD 2.60 billion. (PTI)
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