Next round of talks on proposed trade pacts with Chile, Peru in Oct, Nov

The next round of negotiations between India and two South American countries, Chile and Peru, will be held in October and November, respectively, an official said.

The five-day talks with Chile will start on October 27 in Santiago, the three-day deliberations with Peru will begin on November 3 in Lima, the official said.

Both agreements are being negotiated separately.

India is set to hold its second round of trade talks with Chile and the eighth round of negotiations with Peru.

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).

 

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 import from Chile is 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.

On the other hand, Peru has emerged as the third-largest trading partner of India in the Latin American and Caribbean regions.

During 2024-25, India's exports to Peru rose by about 9 per cent to USD 1 billion, while imports grew 60 per cent to USD 4.98 billion.

India's main exports to Peru include motorcycles and three-wheelers, polyester and cotton yarns, pharmaceuticals, iron and steel products, plastic products, rubber, pipes for the oil and gas industry, tyres, pipes, etc.

Main imports from Peru are gold, copper, synthetic filaments, phosphates of calcium, fresh grapes, and fish flour.