Current Affairs PDF

Cabinet Clears expansion of India-Chile trade agreement

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

Introduction: Union Government headed by Prime Minister Narendra Modi, has successfully accorded its approval for expansion of the India – Chile Preferential Trade Agreement

  • Expressing the happiness for the approval, Ambassador on Special mission to the Asia-Pacific, Eduardo Frei told that the issues were resolved and we hoped to sign the Agreement when he lead a high Level business and Official delegation during visit to India.India-Chile trade agreement

Advantages of Agreement:

  • Import and Export of Products
  • Double taxation treaty particularly for Mining Sector
  • Help to increase our trade concentration
  • Several Opportunities to explore various sectors
  • Chile has offered concessions to India on 1,798 tariff lines and India has offered concessions to Chile on 1,031 tariff lines

About Tariff Lines:

  • Tariff lines are products defined at a highly detailed level for the purpose of setting import duties.
  • Statement by Indian Ambassador to Chile Mr. Debraj Pradha, Chile is a gateway to the Latin America and Asia Pacific

Preferential Trade Agreement

  • Agreement signed between India and Chile in March, 2006 and came into force with effect from August, 2007.
  • During 2006-07, Chile was ranked at 51st Position in Export destination in India
  • The Agreement covers 400 items


  • Location: South America’s Western edge along with Pacific Ocean Coastline
  • Capital: Santiago
  • Currency: Chilean peso
  • President: Michelle Bachelet
  • Official language: Spanish