India Inc India Inc: Thursday, 18 May 2017 07:01

India-Chile pact to expand trade

A bilateral expanded Preferential Trade Agreement (PTA) between India and Chile came into force this week.

According to the Indian Ministry of Commerce and Industry, the original PTA dating back to 2006 had a limited number of tariff lines.

"The expanded PTA has a wider coverage. This would facilitate exporters of both sides to take the advantage of tariff concessions as per the expanded PTA immediately which covers around 96 per cent of bilateral trade," a statement said.

Currently, Chile is the fourth-largest trading partner of India in LAC (Latin America and the Caribbean) region, after Brazil, Venezuela and Argentina.

Avocadoes and blueberries from Chile are likely to be among the popular items to gain easier entry under the new agreement, while Indian textiles will find a large market in Chile.

India Investment Journal’ has in-depth coverage on related topics.

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