The 2 nations had signed a preferential commerce settlement (PTA) on March eight, 2006, and it got here into pressure from August 2007
Negotiations for additional growth of a preferential commerce settlement between India and South American nation Chile are within the last phases and each the nations would come with about 400 extra merchandise below the pact with an goal to spice up financial ties, an official mentioned.
The 2 nations had signed a preferential commerce settlement (PTA) on March eight, 2006, and it got here into pressure from August 2007. In 2016, they expanded the scope of the settlement by together with extra merchandise. At present about 2,000 items are coated below the pact.
In a PTA, two buying and selling companions considerably scale back or eradicate import duties on sure items traded between them.
“The talks for the second growth of the settlement are in last phases. About 400 extra items can be coated below the pact,” the official mentioned.
Items like lithium and copper ores might come below the ambit of the pact amongst different key objects, the official added.
Amongst Latin American nations, Chile is without doubt one of the largest buying and selling companions of India.
India’s bilateral commerce with Chile stood at $2.22 billion in 2018-19.
India’s exports to Chile embrace transport gear, prescription drugs, yarn of polyester fibres, tyres and tubes, manufacture of metals, articles of attire, natural/inorganic and agro chemical substances, textiles, readymade clothes, plastic items, leather-based merchandise, engineering items, imitation jewelry, sports activities items and handicraft.
Main objects of import from Chile are copper ore and concentrates, iodine, copper anodes, copper cathodes, molybdenum ores and concentrates, lithium carbonates, metallic scrap, chemical substances, pulp and waste paper, fruits and nuts excluding cashews, fertilisers and equipment.