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Informist, Wednesday, Mar. 19, 2025

--Govt source: Hope to see some progress on trade pact talks with Chile Apr

NEW DELHI – India hopes to see some progress on discussions for a free trade agreemnet with Chile in April, when Chilean President Gabriel Boric Font visits New Delhi, a commerce ministry official said. Boric will be here Apr. 1-2.

India already has a preferential trade agreement with Chile that covers around 2,000 product lines currently. The two sides aim to expand the existing pact into a free trade agreement.

Chile is the second Latin American country with which India will start negotiations for a free trade agreement. In 2023, the government resumed discussions with Peru for a free trade pact. New Delhi has been trying to expand its footprint in the Latin American region in a bid to diversify its export destinations after India's merchandise exports shrank 3% in 2023-24 (Apr-Mar) due to the slump in demand from traditional markets like the US and the European Union.

India's total trade with Chile was $2.70 billion in FY24, with exports amounting to $1.18 billion and imports $1.51 billion. The major components in India's export basket to Chile are transport equipment, pharmaceuticals, and iron and steel. On the import side, the top commodities sourced from Chile are copper ore, copper electrodes, and molybdenum ore.   End

US$1 = INR 86.44

Reported by Krity Ambey

Edited by Akul Nishant Akhoury

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