Talks for more expansion of trade agreement in between India, Chile in last: authorities
The two countries had signed a preferential trade contract (PTA) on March 8, 2006, and it entered force from August2007
The 2 nations had signed a preferential trade agreement (PTA) on March 8, 2006, and it entered force from August2007
Settlements for further growth of a preferential trade arrangement in between India and South American nation Chile remain in the lasts and both the nations would include about 400 more items under the pact with a goal to improve economic ties, an official stated.
The two countries had signed a preferential trade agreement (PTA) on March 8, 2006, and it entered force from August2007 In 2016, they expanded the scope of the agreement by including more items. Presently about 2,000 goods are covered under the pact.
In a PTA, 2 trading partners substantially reduce or remove import tasks on certain products traded in between them.
” The talks for the 2nd expansion of the agreement remain in lasts. About 400 more products would be covered under the pact,” the official said.
Item like lithium and copper ores might come under the ambit of the pact to name a few key products, the official added.
Among Latin American countries, Chile is among the largest trading partners of India.
India’s bilateral trade with Chile stood at $2.22 billion in 2018-19
India’s exports to Chile consist of transport devices, pharmaceuticals, yarn of polyester fibres, tires and tubes, manufacture of metals, articles of apparel, organic/inorganic and agro chemicals, fabrics, readymade garments, plastic items, leather products, engineering goods, replica jewellery, sports products and handicraft.
Significant items of import from Chile are copper ore and concentrates, iodine, copper anodes, copper cathodes, molybdenum ores and concentrates, lithium carbonates, metal scrap, chemicals, pulp and waste, fruits and nuts omitting cashews, fertilisers and equipment.
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