India and Chile have signed the Terms of Reference (ToR) for a Comprehensive Economic Partnership Agreement (CEPA), ahead of the first round of negotiations set for 26th to 30th May in New Delhi.
The ToR was signed by Chile’s Ambassador Juan Angulo and India’s Chief Negotiator Vimal Anand, Joint Secretary in the Department of Commerce.
The CEPA aims to upgrade the existing Preferential Trade Agreement (PTA) signed in 2005 and enhanced in 2016, by expanding cooperation in critical minerals, digital services, MSMEs, and investment promotion.
India and Chile previously held three negotiation rounds between 2019 and 2021 to further expand the PTA, culminating in the Joint Study Group (JSG) report finalised on 30th April, 2024.
Chile’s President Gabriel Boric Font visited India in early April 2024, strengthening bilateral engagement and support for deeper trade cooperation.
India is also exploring wider trade ties with Latin American nations, including MERCOSUR, to secure critical mineral supply chains amid global uncertainty. It aims to get duty concessions for engineering goods and other exports.
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