India, Chile trade ministers may discuss FTA progress next week: Official

The ongoing negotiations for the proposed free trade agreement FTA between India and Chile will get an impetus during the visit of the trade minister of the South American nation next week here, an official said. In 2024-25, Indias exports to Chile declined 2.46 per cent to just USD 1.15 billion.

The ongoing negotiations for the proposed free trade agreement (FTA) between India and Chile will get an impetus during the visit of the trade minister of the South American nation next week here, an official said. The Chilean trade minister is visiting next week with a business delegation here, the official said. The pact would help India access critical minerals, which are key inputs for electronics, auto, and solar sectors. According to reports, Chile holds the world's largest lithium reserves and is the top producer of copper. India and Chile implemented a preferential trade agreement (PTA) in 2006 and are now negotiating to widen its scope for a comprehensive economic partnership agreement. 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. The bilateral trade between India and Chile is modest. In 2024-25, India's exports to Chile declined 2.46 per cent to just USD 1.15 billion. Imports, however, grew 72 per cent to USD 2.60 billion.