India, Chile review progress in proposed trade pact talks ahead of WTO meet

India and Chile on Wednesday reviewed the progress of negotiations for a proposed free trade agreement (FTA), with both sides discussing ways to accelerate talks and deepen bilateral economic engagement, reported PTI.The issue came up during a meeting between Commerce Secretary Rajesh Agrawal and Chile’s Vice-Minister of International Economic Relations Paula Estevez Weinstein in Yaounde, the capital of Cameroon, where Agrawal is attending the 14th ministerial conference of the World Trade Organisation (WTO). The four-day meeting will begin on March 26.“Discussed progress in India-Chile CEPA (comprehensive economic partnership agreement) negotiations, its early conclusion, and explored ways to further strengthen bilateral economic cooperation and trade,” the Department of Commerce said in a social media post.The proposed pact with the South American nation is expected to help India secure access to critical minerals that are key inputs for sectors such as electronics, automobiles and solar energy.India and Chile had implemented a preferential trade agreement (PTA) in 2006 and are now working to expand its scope into a comprehensive economic partnership agreement. The CEPA is aimed at building on the existing framework while covering a wider range of areas, including digital services, investment promotion and cooperation, MSMEs (micro, small and medium enterprises) and critical minerals.Bilateral trade between the two countries remains modest. In 2024-25, India’s exports to Chile declined 2.46 per cent to $1.15 billion, while imports rose sharply by 72 per cent to $2.60 billion, according to official data.