- India and Chile have entered into another milestone in their trade relations as an agreement on expansion of India-Chile PTA which was signed on 6th September, 2016 is finally being implemented on 16th May, 2017. The Union Cabinet had approved the expansion of PTA in April, 2016.
- Chile is the fourth largest trading partner of India in LAC region after Brazil, Venezuela and Argentina.
- India’s exports to Chile are diverse which consist of transport equipment, drugs and pharmaceuticals, yarn of polyester fibres, tyres and tubes, manufacture of metals, articles of apparel, organic/inorganic and agro chemicals, textiles, readymade garments, plastic goods, leather products, engineering goods, imitation jewellery, sports goods and handicrafts.
- Major items of Import from Chile are copper ore and concentrates, iodine, copper anodes, copper cathodes, molybdenum ores & concentrates, lithium carbonates & oxide, metal scrap, inorganic chemicals, pulp & waste paper, fruits & nuts excluding cashews, fertilizers and machinery.
- Keeping in view that Chile is the founding member of the Pacific Alliance to which India is an Observer Member, implementing the expanded PTA could deepen its engagement with the emerging trade bloc.
- The Pacific Alliance is a Latin American trade bloc, with some features of further integration.
- It currently has four member states — Chile, Colombia, Mexico and Peru, which all border the Pacific Ocean.
Source: PIB & Wiki