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PTA signed with Chile
Special Correspondent
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Agreement provides tariff preferences ranging from 10 to 50 p.c.
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NEW DELHI:
India and Chile entered into a Preferential Trade Agreement (PTA) here on Wednesday in a bid to increase bilateral trade and investment. This is the first such agreement between India and an individual Latin American country.
The PTA is expected to be the first step towards an Indo-Chile free trade agreement (FTA).
The agreement signed by Commerce Secretary S. N. Menon and Chilean Ambassador Jorge Heine in the presence of Commerce Minister Kamal Nath, provides tariff preferences ranging from 10 to 50 per cent on 178 products to Chile and a similar range of preferences on 296 items to India. Indian products expected to benefit from the agreement include textiles, chemicals, pharmaceuticals, engineering and agricultural machinery while Chilean products include copper, newsprint, iodine, fish meal and salmon.
The two sides have also discussed the draft reports of the Joint Study Group and agreed to submit their findings to consider further action on an free trade agreement.
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