India, Chile expand preferential trade agreement

TIL Desk/Business/New Delhi-With India and Chile expanding preferential trade agreement, the South American nation has offered duty concessions on as many as 1,798 goods to Indian exporters compared to 178 items earlier. On the other hand, India has offered concessions to Chile on 1,031 products as against 296 earlier.

The development would help both the countries boost their bilateral trade from the level of USD 2.64 billion in 2015-16. An agreement on the expansion of India Chile preferential trade agreement (PTA) was signed between the countries in a meeting held between Commerce Secretary Rita Teaotia and Andres Barbe Gonzalez, Ambassador, Embassy of Chile today.

“Under the expanded PTA, Chile has offered concessions to India on 1,798 tariff lines (products) with margin of preference (MoP) ranging from 30 per cent – 100 per cent and India has offered concessions to Chile on 1,031 tariff lines at 8-digit level with MoP ranging from 10 – 100 per cent,” the commerce ministry said in a statement.