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India, Chile expand bilateral preferential trade pact
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SME Times News Bureau | 07 Sep, 2016
India and Chile on Tuesday
agreed to expand their bilateral preferential trade agreement (PTA) with
both sides offering to lower or eliminate tariffs on a number of items
traded with each other, an official statement said.
"Under the
expanded PTA, Chile has offered concessions to India on 1,798 tariff
lines with margin of preference (MoP) ranging from 30 per cent to 100
per cent and India has offered concessions to Chile on 1,031 tariff
lines at 8-digit level with MoP ranging from 10 per cent to 100 per
cent," said a Commerce Ministry statement.
The agreement was
signed in a meeting here between Commerce Secretary Rita Teaotia and the
South American country's Ambassador to India Andres Barbe Gonzalez, the
statement said.
"India's export basket with Chile is diversified
and keeping in view the wide variety of tariff lines offered by Chile,
the expanded PTA would immensely benefit India," it added.
Signed
in March 2006, and coming into force with effect from August 2007, the
original PTA had India offering 178 tariff lines to Chile, with the
margin of preference ranging from 10 per cent to 50 per cent. Chile
meanwhile offered 296 tariff lines to India with MoP ranging from 10 per
cent to 100 per cent.
India's bilateral trade with Chile stood
at $2.64 billion during 2015-16, making it India's third largest trading
partner among the Latin American and Caribbean Nations (LAC) grouping,
the statement said.
Exports to Chile are diverse and consist of
transport equipment, drugs and pharmaceuticals, yarn of polyester fibres
and tyres and tubes, among others, it said.
Among major import
items from Chile are mineral ores like copper ore and concentrates,
iodine, copper anodes, molybdenum ores and concentrates, apart from
metal scrap, inorganic chemicals, and pulp and waste paper, it added.
The
Indian government said this expansion would be an important landmark in
India-Chile relations "and consolidate the traditional fraternal
relations that have existed between India and LAC countries".
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