Free Trade Agreement Between India And Chile

An interactive list of bilateral and multilateral free trade instruments is available on trend analytics. [59] The objective of this Framework Agreement is to strengthen relations between the Parties, to promote the expansion of trade and to create the conditions and mechanisms for negotiating a Free Trade Agreement in accordance with WTO rules and disciplines and in accordance with Article 4 of this Framework Agreement. Note: any customs union, common market, economic union, customs and monetary union, economic and monetary union is also a free trade area. “Once the expanded PTA is in force, the two countries will also consider a possible full-fledged comprehensive economic partnership agreement, including goods, services and investment,” the official added. Bilateral trade between India and Chile amounts to about $2.5 billion annually. India hopes to export more generic medicines and textiles to Chile, while the South American country wants to increase its exports of fish, oats, fruit, industrial products and chemicals, with the two formally exchanging the terms of the extension of the bilateral preferential agreement (PTA). New Delhi also sought cooperation to obtain lithium in Chile to support its efforts to popularize the use of electric vehicles in the country, at a recent meeting between Trade Minister Anup Wadhawan and Chilean special envoy for the Asia-Pacific region Eduardo Frez Ruiz-Tagle, a government official told BusinessLine. India`s bilateral trade with Chile declined slightly, from $2.85 billion in 2017-18 to $2.22 billion $US in 2018-19. In order to increase mutual knowledge of trade and investment opportunities, the Parties shall encourage trade promotion actions such as seminars, trade missions, fairs, symposia and exhibitions. Negotiations on further developing a preferential trade agreement between India and the South American nation Chile are in their final phase and the two countries would add about 400 additional products to the pact in order to strengthen economic relations, an official said. .

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