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.
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