Discussions on CEPA are expected to take place during Chilean President Gabriel Boric Font’s State Visit to India from April 1-5. He will be accompanied by a high-level delegation, including ministers, MPs, senior officials, business associations, media, and cultural representatives.
The PTA between India and Chile was signed in 2006 and expanded in 2017. Officials are now looking at tariff and non-tariff barriers to boost trade between the two regions. The target is to double two-way commerce to $100 billion in the coming years. Key sectors for cooperation include automobiles, medical devices, and pharmaceuticals.
Chile is India’s fifth-largest trading partner in Latin America. From April to December in FY25, India’s exports to Chile amounted to $860.26 million, mainly consisting of pharmaceuticals and vehicles. Imports were $2.07 billion, with ores, slag, ash, and copper being the primary inbound shipments.
Indian trade organizations have been actively engaging with Chile through business summits and trade fairs in sectors such as pharma, apparel, handicrafts, and chemicals. An Indian mining delegation also visited Chile in April 2024 to explore collaboration opportunities in the mining sector.
Indian investments in Chile are estimated at around $620 million, with companies entering through acquisitions and joint ventures. Meanwhile, Chilean investment in India stands at approximately $118 million.
Content Source: economictimes.indiatimes.com