India's Strategic Trade Talks with Chile and Peru: Expanding Horizons

India is gearing up for a new phase of trade negotiations with Chile and Peru, focusing on expanding existing agreements. Talks with Chile will explore a comprehensive economic partnership, encompassing multiple sectors, while discussions with Peru are aimed at boosting bilateral trade, driven by commodity exchanges.

India is set to engage in crucial trade negotiations this fall with South American nations, Chile and Peru, aiming to broaden existing agreements and boost economic ties. Scheduled talks with Chile are slated for October 27 in Santiago, followed by Peru in Lima on November 3, according to a government official.

The trade dialogues come at a pivotal time as India seeks to expand its preferential trade agreement (PTA) with Chile into a comprehensive economic partnership agreement (CEPA), covering diverse areas such as digital services and critical minerals. Meanwhile, talks with Peru will mark the eighth round of negotiations aimed at further enhancing bilateral trade values.

While trade with Chile has faced slight declines in Indian exports, the focus remains on expanding sectors like auto and pharma. Conversely, India's trade with Peru is witnessing a significant rise in imports and exports, highlighting commodities such as gold, copper, and motorcycles. These talks are pivotal in strengthening India's economic footprint in the Latin American and Caribbean regions.

(With inputs from agencies.)