India, Chile trade pact to entail investment promotion in critical minerals
This story was originally published at 19:23 IST on 15 April 2025
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NEW DELHI – India's Comprehensive Economic Partnership Agreement with Chile will likely entail investment promotion in the critical minerals sector, in addition to trade facilitation, and addressing non-tariff barriers, the commerce ministry said Tuesday. Both sides launched discussions for the potential agreement on Apr. 1 during Chilean President Gabriel Boric Font's visit to India.
India and Chile had agreed on the terms of reference of the trade deal in June, the ministry said. Both sides had also formed a joint study group in 2023, which has recommended cooperation in the energy sector, the commerce ministry further said.
New Delhi's collaboration with Santiago in the critical minerals and energy sector can play a crucial part in India's green energy transition. Latin America, including Chile, has a significant geological potential in critical minerals. Some of the minerals found in Latin America include copper, lithium, among others. These are used for the production of electric vehicle batteries, renewable energy technologies, and clean energy applications.
India already has a preferential trade agreement with Chile that covers around 2,000 product lines, which is set to be expanded into a comprehensive agreement. The total bilateral trade with Chile in Apr-Jan was $362.71 million, which included exports worth $97.08 million, according to the latest data available with the commerce ministry.
Besides Chile, India is also engaged in discussions for a trade pact with Peru in Latin America. "Both sides are exploring to schedule the 8th round of negotiations in the coming months," the commerce ministry said. The two nations had held a round of talks last week. India's total trade with Peru in Apr-Jan was $498.43 million, and included $81.04 million worth of exports. End
US$1 = INR 85.77
Reported by Vivek Das
Edited by Nishant Maher
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