India and Chile Advance Free Trade Discussions in Cameroon

India and Chile are progressing in their Comprehensive Economic Partnership Agreement (CEPA) negotiations. The discussions aim to enhance economic cooperation and trade, paving the way for India to access critical minerals from Chile. This comes after their 2006 Preferential Trade Agreement (PTA) and intends to include various sectors.

India and Chile are making headway in their Comprehensive Economic Partnership Agreement (CEPA) discussions, a focal point during the meeting of Commerce Secretary Rajesh Agrawal and Chile's Vice-Minister of International Economic Relations, Paula Estevez Weinstein, in Yaounde, Cameroon.

The dialogue seeks to expedite the early conclusion of the agreement, aiming to deepen economic cooperation and boost trade between the two nations, as stated by the Department of Commerce. The CEPA is expected to build upon their existing 2006 Preferential Trade Agreement (PTA), expanding its scope across multiple sectors, such as digital services, investment, and critical minerals.

The enhanced pact with Chile, a key player in the critical minerals sector, is strategically important for India, particularly in electronics, automotive, and solar industries. Recent trade figures show India's exports to Chile have dipped, yet imports have increased, highlighting the need for a comprehensive agreement to balance trade relations.

(With inputs from agencies.)