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Business Standard
09-05-2025
- Business
- Business Standard
India, Chile to begin negotiations for comprehensive trade deal in May
India and Chile will hold their first round of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) in New Delhi on May 26-30, aiming to significantly upgrade their bilateral trade relationship. Both sides on Thursday signed the terms of reference (ToR) for a CEPA. The mutually agreed ToR was signed by Juan Angulo, ambassador of Chile in India, and Vimal Anand, joint secretary in the Department of Commerce, as well as the Indian chief negotiator for India-Chile CEPA. The CEPA aims to build upon the existing preferential trade agreement (PTA) between the two countries and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSME, critical minerals, thereby enhancing economic integration and cooperation. India had a $1.3 billion trade deficit with Chile in 2024, with $1.1 billion exports and $2.4 billion imports. A Framework Agreement on Economic Cooperation was signed between the two countries in January 2005, followed by a PTA in March, 2006. 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 (JSG) established under the Framework Agreement. The JSG report was finalised and signed on April 30, 2024,' said India's commerce department in a statement. The statement said the shared vision was reaffirmed during the recent state visit of Chile's president, Gabriel Boric Font, to India April 1-5 on an invitation from Prime Minister Narendra Modi. 'Leaders from both sides acknowledged that trade and commerce have served as a strong pillar of the bilateral relationship. They emphasised the importance of enhancing the existing trade framework to unlock new opportunities for growth. In this spirit, the two leaders acknowledged the signing of the mutually agreed Terms of Reference and welcomed the launch of negotiations for a CEPA, aiming to establish a balanced, ambitious, comprehensive, and mutually beneficial agreement for a deeper economic integration.'
Fibre2Fashion
09-05-2025
- Business
- Fibre2Fashion
India & Chile sign terms to launch CEPA talks, first round in May
India and Chile have recently taken a notable step towards deepening their economic ties by signing the Terms of Reference (ToR) for a Comprehensive Economic Partnership Agreement (CEPA). The ToR were formally signed by Juan Angulo, Ambassador of Chile to India, and Vimal Anand, joint secretary in the Department of Commerce, Ministry of Commerce & Industry, serving as the chief negotiator for India in the agreement. Both sides reiterated their shared vision for strengthening bilateral relations and look forward to fruitful discussion during the first round scheduled for May 26-30th 2025 in New Delhi. India and Chile have signed the terms of reference (ToR) for CEPA, marking a key step in deepening economic ties. Building on their 2006 Preferential Trade Agreement, the CEPA will cover broader sectors such as digital services, MSMEs, and critical minerals. The decision follows president Boric's April 2025 visit to India and the joint study group report finalised on April 30, 2024. The CEPA aims to build upon the existing Preferential Trade Agreement (PTA) between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, micro, small and medium enterprises (MSME), critical minerals etc thereby enhancing economic integration and cooperation, Ministry of Commerce & Industry said in a press release. This shared commitment was reaffirmed during the recent state visit of the President of Chile, Gabriel Boric Font, to India from April 1-5, 2025, at the invitation of Prime Minister Narendra Modi. Both leaders recognised that trade and commerce have been a vital pillar of bilateral ties and stressed the need to strengthen the existing trade framework to explore new avenues for growth. In this context, they acknowledged the signing of the mutually agreed ToR and welcomed the commencement of CEPA negotiations aimed at achieving a balanced, ambitious, comprehensive, and mutually beneficial agreement to deepen economic integration. India and Chile, strategic partners with warm ties, strengthened their economic relationship through a framework agreement in 2005 and a PTA in 2006, later expanded in 2016. From 2019–2021, three negotiation rounds were held to further broaden the PTA. To enhance economic engagement, both sides agreed to pursue a CEPA, guided by the joint study group, whose report was signed on April 30, 2024. Fibre2Fashion News Desk (SG)
The Hindu
09-05-2025
- Business
- The Hindu
India, Chile sign terms of reference for new trade deal
Even as India has finalised negotiations for the FTA with the U.K. and talks are underway on several other similar agreements, the government on Friday (May 9, 2025) announced it has signed the terms of reference with Chile for a Comprehensive Economic Partnership Agreement (CEPA). The mutually agreed terms were signed by Juan Angulo, Ambassador of Chile in India, and Vimal Anand, joint secretary in the Ministry of Commerce and Industry. Mr. Anand is also the chief negotiator for the India-Chile CEPA on behalf of India. '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, critical minerals etc. thereby enhancing economic integration and cooperation,' the government said in a release. India's bilateral trade with Chile stood at $3.6 billion in 2024-25 as of February 2025. This is double the $1.8 billion of trade between the two countries in 2016-17, the earliest period for which there is data. However, India maintains a trade deficit with Chile, with the deficit at around $2.5 billion in 2024-25.
Hindustan Times
09-05-2025
- Business
- Hindustan Times
India, Chile to start negotiations for free trade deal on May 26
NEW DELHI: India will start negotiations for a free trade agreement with mineral-rich Chile from May 26 in New Delhi, the commerce ministry said on Friday, a day after the two countries signed the terms of reference (ToR) for a comprehensive economic partnership agreement (CEPA). The two countries reiterated their shared vision for strengthening bilateral relations and look forward to fruitful discussion during the first round of talks during May 26-30, in New Delhi, a commerce ministry statement said on Friday. The ToR was signed by Ambassador of Chile in India Juan Angulo and commerce ministry's joint secretary Vimal Anand, who is also the chief negotiator for India-Chile CEPA negotiations representing the Indian side. Bilateral merchandise trade between India and Chile was only about $2.7 billion in 2023-24 but the two countries expect a huge jump on account of Chile's deposits of copper, lithium, and other critical minerals needed by India for industrial growth and sustainable energy transition. A government official said a free trade deal between the two countries will help India meet the demand for critical minerals. These minerals are of strategic importance for sectors such as electric mobility, renewable energy, and electronics manufacturing, he said. Indian firms are also looking at joint ventures and long-term supply agreements to establish a strong mineral supply chain. Chile is a global leader in copper and lithium production, he added. The proposed CEPA aims to build upon the existing Preferential Trade Agreement (PTA) between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, micro small and medium enterprises (MSME), and critical minerals, thereby enhancing economic integration and cooperation, the commerce ministry said. India and Chile signed a framework agreement on economic cooperation in January 2005, followed by a PTA in March 2006. An expanded PTA was signed in September 2016 and became effective from May 16, 2017. In April, 2019, the two countries agreed to pursue a further expansion of the PTA with three rounds of negotiations during 2019-2021, it said. 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 (JSG) established under the framework agreement. The JSG report was finalised and signed on April 30, 2024, the ministry said. This shared vision was reaffirmed during the recent state visit of Chilean President Gabriel Boric Font to India on April 1-5, 2025 on an invitation from Prime Minister Narendra Modi. Chile is India's 5th largest trading partner in the Latin America and the Caribbean (LAC) region. India's exports to Chile are diversified and constitute motor vehicles, drug formulations, chemicals, products of iron and steel, man-made yarn, fabrics, cotton fabrics, garments, accessories, auto components, electric machinery, leather goods, rubber products, bulk drugs, drug intermediates, footwear of leather, iron and steel, aluminium & its product, ceramics and allied products.
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Business Standard
09-05-2025
- Business
- Business Standard
India and Chile's CEPA talks to focus on MSMEs, investment, and more
India and Chile formally signed the Terms of Reference (ToR) for a Comprehensive Economic Partnership Agreement (CEPA), the Ministry of Commerce & Industry said on Friday. The CEPA is intended to build upon the existing Preferential Trade Agreement (PTA) between the two countries, broadening the scope of cooperation to include digital services, investment, and critical minerals. It also includes micro, small and medium enterprises (MSMEs). The document was signed by Chile's Ambassador to India, Juan Angulo, and Vimal Anand, joint secretary in India's Department of Commerce and the lead negotiator for the agreement. The upcoming talks follow Chilean President Gabriel Boric Font's state visit to India in April 2025. During the visit, leaders from both sides spoke on the importance of trade and economic collaboration in their bilateral agenda. Both nations also endorsed the CEPA initiative as a strategic measure to promote employment, investment, and shared economic growth. India-Chile economic ties The two countries share a strong relationship, built on key agreements like the Framework Agreement on Economic Cooperation signed in 2005 and the PTA introduced in 2006, which was expanded in 2016. In 2019, both sides began work on further expanding the PTA, leading to the Joint Study Group's final report in April 2024. That report recommended moving forward with a CEPA. India is also one of Chile's top trading partners in Asia. Trade includes Indian exports like pharmaceuticals, textiles, and automobiles, and Chilean exports such as copper, fresh fruits, and wood pulp. The first round of negotiations is scheduled for May 26–30, 2025, in New Delhi. India's trade talks with UK, US India just finalised a free trade agreement (FTA) with the United Kingdom earlier this week, after nearly three years of negotiations. The FTA included the elimination of tariffs on 99 per cent of Indian exports, benefiting sectors like textiles, footwear, and gems. Tariffs on 90 per cent of UK goods exported to India will also be reduced, with most expected to become tariff-free within a decade. Key beneficiaries include British whisky, gin, chocolates, and automotive products. India is also negotiating a bilateral trade agreement with the United States.
