New Delhi, May 9 India and Chile have signed the terms of reference (ToR) for a comprehensive economic partnership agreement (CEPA), marking a significant advancement in their bilateral trade relations, the government said on Friday.
The mutually-agreed ToR were signed by Juan Angulo, Ambassador of Chile in India and Vimal Anand, Joint Secretary in Department of Commerce, who is also the Chief Negotiator for India-Chile CEPA from the Indian side.
Both sides reiterated their shared vision for strengthening bilateral relations and look forward to fruitful discussion during the first round scheduled in the national capital from May 26-30.
According to the Commerce Ministry, the CEPA aims to build upon the existing PTA (preferential trade agreement) between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSME and critical minerals, etc. thereby enhancing economic integration and cooperation.
India and Chile are strategic partners and close allies, sharing warm and cordial relations.
Bilateral ties have steadily strengthened over the years with the exchange of high-level visits. A Framework Agreement on Economic Cooperation was signed between the two countries in January, 2005, followed by PTA in March, 2006.
Since then, economic and commercial relations between India and Chile have remained robust and continue to grow.
According to the ministry, an expanded PTA was subsequently signed in September 2016 and became effective from May 16, 2017.
In April 2019, both countries agreed to pursue a further expansion of the PTA with three rounds of negotiations between the years during 2019-2021. To deepen their economic engagement, both sides expressed their intention to negotiate a CEPA to unlock the full potential of their trade and commercial relationship, boosting employment, facilitating investment promotion, and cooperation and exports, as suggested by the Joint Study Group established under the Framework Agreement.
The JSG report was finalised and signed on April 30, 2024.
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