India and Chile seeking stronger economic ties
Economic relations was one of the main focal point of external affairs minister Salman Khurshid's visit to the region that also took him to Argentina. Both India and Chile, agreed to further strengthen cooperation in diverse sectors, and to expand existing institutional frameworks. This is the first ever visit of an Indian foreign minister to Santiago.
India and Chile currently have a Preferential Trade Agreement (PTA) that has about 400 odd items.
"Discussions are underway to have this list expanded to include about 3,500 items. Both sides felt that the expansion of the PTA should be concluded soon," a senior MEA officer told FE.
Chile is the only country in Latin America with which India has a PTA. Chilean side expressed their keenness to elevate the PTA into a Comprehensive Economic Partnership Agreement [CEPA] with India and discussions are also expected to commence soon. Chile also agreed to liberalise their business visa regime for Indian businessmen. A law for enacting changes in the consular policies in Chile is expected to be considered in the Chilean parliament.
The Ministry of Commerce has negotiated an amplification of a preferential tariff agreement with Chile and is preparing to negotiate similar agreements with other LAC countries.
Ahead of the Chilean president’s visit later this year, both
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