India, Chile review progress in proposed trade pact talks ahead of WTO meet

India and Chile on Wednesday reviewed the progress of negotiations for a proposed free trade settlement (FTA), with each side discussing methods to speed up talks and deepen bilateral financial engagement, reported PTI.The challenge got here up throughout a gathering between Commerce Secretary Rajesh Agrawal and Chile’s Vice-Minister of International Economic Relations Paula Estevez Weinstein in Yaounde, the capital of Cameroon, the place Agrawal is attending the 14th ministerial convention of the World Trade Organisation (WTO). The four-day assembly will start on March 26.“Discussed progress in India-Chile CEPA (comprehensive economic partnership agreement) negotiations, its early conclusion, and explored ways to further strengthen bilateral economic cooperation and trade,” the Department of Commerce mentioned in a social media put up.The proposed pact with the South American nation is predicted to assist India safe entry to important minerals which are key inputs for sectors comparable to electronics, vehicles and photo voltaic power.India and Chile had carried out a preferential trade settlement (PTA) in 2006 and at the moment are working to broaden its scope right into a complete financial partnership settlement. The CEPA is geared toward constructing on the present framework whereas protecting a wider vary of areas, together with digital providers, funding promotion and cooperation, MSMEs (micro, small and medium enterprises) and significant minerals.Bilateral trade between the 2 international locations stays modest. In 2024-25, India’s exports to Chile declined 2.46 per cent to $1.15 billion, whereas imports rose sharply by 72 per cent to $2.60 billion, in keeping with official information.