Indian local media reported on Tuesday that India and Chile have concluded a first round of negotiations on the expansion of the India-Chile preferential trade agreement (PTA). 

 

The next round of talks is likely to take place in Santiago in March, or the first half of April, media reported. 

 

India imported 432,236mt of copper ore and copper concentrate from Chile in January-November 2019, which accounts for 63.72pc of the country’s total copper imports, i.e. 678,376mt. 

 

India imported 941,454mt of copper ore and concentrates in January-November 2018, of which imports from Chile were at 447,583mt.

India also imports copper anodes, copper cathodes and metal scrap from the South American country. 

 

Both the countries first signed a preferential trade agreement (PTA) on March 8, 2006, which came into effect from August 2007. The PTA reduces or eliminates import duties on certain goods.

 

In 2016, India and Chile added more products to the PTA. Now both countries are looking at a further expansion of the trade agreement, reported a news agency in India. 

 

India’s bilateral trade with Chile dropped to $2.22bn in 2018-19 to $2.85bn from the year prior. 

 

India’s exports to Chile include transport equipment, pharmaceuticals, yarn of polyester fibres, tyres and tubes, and manufacture of metals. 

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