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The next round of negotiations between India and Chile on the proposed free trade agreement is expected to be held in December here, an official said.
The pact with the the South American nation may help India access critical minerals, which are key inputs for electronics, auto, and solar sectors.
India and Chile concluded the third round of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) in Santiago. The four-day talks concluded on October 30. India is seeking preferential treatment for critical minerals in Chile under the pact.
India's growing trade engagement with Chile reflects its strategic focus on building stronger partnerships with the Latin American region through mutually beneficial and comprehensive economic cooperation frameworks, the official said.
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.
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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.
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 largest Indian exports to Chile are auto and pharma. The biggest imports from Chile are minerals worth around USD 1.58 billion. Other products 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, iron and steel products, 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 products, and ceramics.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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