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new DelhiOne hour ago
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Chile is India’s largest trading partner among Latin American countries.
- The preferential trade agreement was signed between the two countries in March 2006.
- India-Chile has a turnover of $ 2.22 billion in 2018-19
Ongoing negotiations between India and the South American country of Chile to expand the current preferential trade agreement (PTA) have reached a final stage after negotiations. Both countries can include more than 400 products for trade in this trade agreement. This pact aims to boost the economies of both countries. An official has said this.
PTA took place in 2006
The PTA was signed between India and Chile on 8 March 2006 and came into force from August 2007. In 2016, the possibility of adding more products to this agreement was considered. Currently, this pact includes over 2000 products. The two trading partners under PTA significantly reduce import duty on certain products.
Lithium and copper ore may also be included
According to the official, the new pact could include lithium and copper ore in the PTA. Chile is India’s largest trading partner among Latin American countries. The bilateral trade between the two countries was $ 2.22 billion in 2018-19.
India exports these things
Transport equipment, pharmaceuticals, polyester fiber yarns, tires and tubes, textiles, readymade garments, plastic goods, leather goods, engineering goods, artificial jewelery, sports goods and handicrafts are exported to India Chile.
This stuff is imported from Chile
India mainly consists of Copper Ore, Iodine, Copper Anodes, Copper Cathodes, Lithium Carbonate, Metal Scrap, Chemicals, Pulp and Waste Paper, Fruit and Nut, Fertilizer and Machinery from Chile.