New Delhi, May 30 (PTI) India and 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 next round of negotiations is expected in July-August this year and will be preceded by intersessional discussions through virtual conferences to address outstanding issues in advance of the upcoming meeting.
During the inauguration of the first round of talks, Commerce Secretary Sunil Barthwal emphasised that the agreement will pave the way for a deeper economic partnership and the creation of strengthened global value chains between the two countries.
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.
Vimal Anand, Joint Secretary in the Department of Commerce is the Chief Negotiator from the Indian side.
The Chilean negotiating team comprised 17 delegates, and was led by Chief Negotiator Pablo Urria, Director for Asia and Oceanic at the Secretariat of International Economic Relations, Ministry of Foreign Affairs of Chile.
The tracks include trade in goods, services, movement of natural persons, rules of origin, sanitary and phytosanitary measures, Technical Barriers to Trade, Customs Procedures and Trade Facilitation.
It also includes Dispute Settlement, MSMEs, Women's Economic Empowerment, Critical and Strategic Minerals Trade and Sustainable Development, Investment Promotion and Cooperation, and Intellectual Property Rights.
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 per cent to just USD 1.15 billion. Imports, however, grew 72 per cent to USD 2.60 billion.
The biggest Indian exports to Chile are auto and pharma. The biggest imports from Chile are minerals worth around USD 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. PTI RR TRB
