India and Chile implemented a Preferential Trade Agreement (PTA) in 2006 and are now negotiating to widen its scope for a CEPA (Comprehensive Economic Partnership Agreement).
Also Read: India’s exports rise 15% in April-July; Commerce Minister Piyush Goyal confident of $1 trillion target
CEPA aims to build upon the existing PTA between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSMEs (micro, small and medium enterprises), and critical minerals.
The official said that during the secretary’s visit, progress of negotiations will be reviewed.
“If we get a good deal, we are on… if we do not get a good deal, I do not have a gun on my head…,” the official added.
Also Read: Indonesia-India discuss proposal to create Preferential Trade AgreementChile is the fifth-largest trading partner of India in the LAC (Latin American Countries) region.
The senior government official also said that India is going ahead with the negotiations for a Preferential Trade Agreement with the Mercosur bloc.
Mercosur is a trading bloc in Latin America, comprising Brazil, Argentina, Uruguay and Paraguay.
India may also negotiate the pact with Mexico and Kenya.