The two international locations had signed a preferential commerce settlement (PTA) on March 8, 2006, and it got here into pressure from August 2007
Negotiations for additional enlargement of a preferential commerce settlement between India and South American nation Chile are within the ultimate levels and each the international locations would come with about 400 extra merchandise beneath the pact with an intention to spice up financial ties, an official mentioned.
The two international locations had signed a preferential commerce settlement (PTA) on March 8, 2006, and it got here into pressure from August 2007. In 2016, they expanded the scope of the settlement by together with extra merchandise. Currently about 2,000 items are coated beneath the pact.
In a PTA, two buying and selling companions considerably cut back or eradicate import duties on sure items traded between them.
“The talks for the second expansion of the agreement are in final stages. About 400 more goods would be covered under the pact,” the official mentioned.
Goods like lithium and copper ores might come beneath the ambit of the pact amongst different key objects, the official added.
Among Latin American international locations, Chile is without doubt one of the largest buying and selling companions of India.
India’s bilateral commerce with Chile stood at $2.22 billion in 2018-19.
India’s exports to Chile embrace transport tools, prescription drugs, yarn of polyester fibres, tyres and tubes, manufacture of metals, articles of attire, natural/inorganic and agro chemical substances, textiles, readymade clothes, plastic items, leather-based merchandise, engineering items, imitation jewelry, sports activities items and handicraft.
Major objects of import from Chile are copper ore and concentrates, iodine, copper anodes, copper cathodes, molybdenum ores and concentrates, lithium carbonates, metallic scrap, chemical substances, pulp and waste paper, fruits and nuts excluding cashews, fertilisers and equipment.