The Hindu : National : India, Chile sign agreement

Online edition of India's National Newspaper
Friday, Jan 21, 2005

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National

India, Chile sign agreement

By Our Diplomatic Correspondent

NEW DELHI, JAN. 20. India and Chile signed a framework agreement for economic cooperation today that will lead to a Preferential Trade Agreement (PTA) this year . The idea was to eventually agree on a Comprehensive Economic Cooperation Agreement.

A joint statement issued after discussions between the visiting Chilean President, Ricardo Lagos, and the Prime Minister, Manmohan Singh, said that two other agreements in the field of agriculture were also signed.

"The two sides agreed on the urgent need for reforms of the United Nations and expansion of the Security Council to reflect the realities of the international situation. India thanked Chile for its support to India for permanent membership of the U.N. Security Council," it said.

Multilateral system

"Both sides agreed on the importance of a sound, transparent, equitable and rule-based multilateral trading system. The two sides agreed to join forces to achieve a balanced outcome of the Doha Development Agenda, particularly in the area of agricultural reform, and agreed to continue to coordinate their positions as members of the G-20, in order to ensure that the concerns of the developing countries are duly considered," the statement said .

Mr. Lagos and Dr. Singh noted with satisfaction that bilateral trade between India and Chile had grown significantly in recent years — reaching $ 420 millions in 2004. "Of special interest to the two sides are the pharmaceutical and biotechnology fields in which Indian proficiency could be used to mutual benefit. The two sides are also agreed to explore possibilities for cooperation in mining, forestry, agriculture and education," the joint statement added.

Dr. Lagos, who came to New Delhi from Mumbai, will visit Bangalore on Friday.

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