New Delhi, May 8: The ongoing negotiations for the proposed free trade agreement (FTA) between India and Chile will get an impetus during the visit of the trade minister of the South American nation next week here, an official said.
Chilean trade minister to visit India next week
The Chilean trade minister is visiting next week with a business delegation here, the official said. The pact would help India access critical minerals, which are key inputs for the electronics, auto and solar sectors.
Chile key supplier of lithium and copper
According to reports, Chile holds the world's largest lithium reserves and is the top producer of copper.
India and Chile implemented a preferential trade agreement (PTA) in 2006 and are now negotiating to widen its scope for a comprehensive economic partnership agreement.
CEPA to cover wider economic sectors
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.
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Bilateral trade remains modest
The bilateral trade between India and Chile remains modest. In 2024-25, India's exports to Chile declined 2.46 per cent to USD 1.15 billion. Imports, however, grew 72 per cent to USD 2.60 billion.
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