New Delhi, March 25 India and Chile, a South American nation, discussed progress in negotiations for the proposed free trade agreement (FTA) between the two countries on Wednesday.
The issue came up for discussion during a meeting between Commerce Secretary Rajesh Agrawal and Chile's Vice-Minister of International Economic Relations Paula Estevez Weinstein in Yaounde, the capital city of Cameroon.
The secretary is in Yaounde for the 14th ministerial conference of the World Trade Organisation (WTO). The four-day meet will begin on March 26.
"Discussed progress in India-Chile CEPA (comprehensive economic partnership agreement) negotiations, its early conclusion, and explored ways to further strengthen bilateral economic cooperation and trade," the Department of Commerce said in a social media post.
The agreement with the South American nation may help India gain access to critical minerals, which are key inputs for the electronics, auto, and solar sectors.
India and Chile implemented a preferential trade agreement (PTA) in 2006, and are now negotiating to expand its scope for a comprehensive economic partnership agreement.
The CEPA aims to build upon the existing PTA between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSMEs (micro, small, and medium enterprises), and critical minerals.
Bilateral trade between India and Chile is modest. In 2024-25, India's exports to Chile were down 2.46 per cent to just USD 1.15 billion. Imports, however, grew 72 per cent to USD 2.60 billion.