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Indian products like textiles and chemicals will get a larger market access in Chile from May 16 with the expanded preferential trade agreement between the two countries will be coming in effect.
This expanded preferential trade agreement (PTA) has been signed by both countries under which they have agreed to reduce or completely remove duties on many trade items.
Chile was providing duty concessions to the Indian exporters on just 178 trade items earlier but now has increased this number to 1,798 goods which include agri products, chemicals, pharmaceuticals, plastics, textiles, apparel, iron and steel items, copper machinery.
India was offering preferred duty concessions on 296 items to Chile exporters earlier and now will give the concessions on 1,031 products like meat items, fish, vegetable oil, processed food, pharma, plastic, and pearls.
With this increase in concessions on the number of items from both the sides, about 96% of the trade between the two countries has been covered by this agreement.
Commerce Secretary Rita Teaotia said, “With this pact coming into force, we are going to see a big growth in the bilateral trade.”
A statement from the Commerce Ministry has told that this expanded PTA will be benefiting both sides with a large number of concessions being offered by the two countries on a large number of products which will boost the trade.
The fourth largest trading partner of India in the LAC region is Chile which is preceded by Brazil, Venezuela, and Argentina. The statement also said that Chile has been a favorite in bilateral trade as 88% of imports from the country by India are of copper.