India and Chile will implement a bilateral expanded PTA Preferential Trade Agreement from May 16, it was announced on Sunday.
According to the Ministry of Commerce and Industry, India and Chile had earlier signed the "original PTA" on March 8, 2006 which came into force with effect from August 2007.
"The original PTA had a limited number of tariff lines, wherein both sides had extended tariff concessions to each other," the ministry said in a statement.
"The expanded PTA has a wider coverage. This would facilitate exporters of both sides to take the advantage of tariff concessions as per the expanded PTA immediately which covers around 96 per cent of bilateral trade."
Currently, Chile is the fourth largest trading partner of India in LAC (Latin America and the Caribbean) region after Brazil, Venezuela and Argentina.
--IANS
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