India, Chile discuss strengthening cooperation in trade, investment, critical minerals

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Minister of External Affairs S Jaishankar and his Chilean counterpart Alberto Van Klaveren, who is on an official visit to India, discussed various areas of bilateral cooperation including trade and investment, critical minerals, agriculture and defence at a joint commission meeting on Wednesday.

Klaveren said that Chile was keen to advance trade relations with India and expedite negotiations on the proposed India-Chile Comprehensive Economic Partnership Agreement (CEPA).

“Co-chaired a productive and wide-ranging 2nd India-Chile Joint Commission meeting. Discussed our cooperation in trade & investment, critical minerals, agriculture, defence, railways, health, space, culture and people-to-people ties. Also exchanged views on global hotspots and developments in each others regions,” Jaishankar posted on social media platform `X’ after the meeting.

Addressing the India-Chile joint commission meeting, the Minister said that India values Chile’s participation in the Voice of Global South Summits and praised Chilean President Gabriel Boric for his insightful remarks at the third Voice of Global South Summit held on August 17.

“And we also thank you very much for your support for our permanent membership in the Expanded Security Council. Your own participation in the Trade and Economic Ministers meeting in November 2023 is also something we appreciate very deeply,” he said.

India and Chile first signed a Preferential Trade Agreement (PTA) in 2006, which was implemented the following year and covered a limited number of items. It was expanded in 2017, allowing for tariff preferences on 1,110 Chilean products.

The two countries are now discussing the possibility of getting into a full fledged CECA which could expand the scope of the trade pact.

Chile is an important trade partner for India in Latin America and bilateral trade was at $2.7 billion in 2023-24. Chile is a key supplier of non-copper and non-lithium exports to India.

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