The agreement on expansion of India-Chile Preferential Trade Agreement (PTA) reached between the two countries last year has been implemented yesterday, facilitating exporters of both sides to take the advantage of tariff concessions which covers around 96 per cent of bilateral trade.
Chile is the fourth largest trading partner of India in LAC region after Brazil, Venezuela and Argentina. The expanded PTA would immensely benefit both sides as a wide array of concessions has been offered on a number of tariff lines which will facilitate more two way trade.
India and Chile had earlier signed a PTA on March 8, 2006 which came into force with effect from August, 2007. The original PTA had a limited number of tariff lines wherein both sides had extended tariff concessions to each other. India’s offer list to Chile consisted of only 178 tariff lines whereas Chile’s offer list to India contained 296 tariff lines at eight-digit level.
India’s exports to Chile are diverse which consist of items mostly manufactured by the MSME sector such as – yarn of polyester fibres, articles of apparel, organic/inorganic, textiles, readymade garments and many more. Major items of Import from Chile are copper ore and concentrates, iodine, copper anodes, copper cathodes, molybdenum ores & concentrates etc.
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