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India-Chile to implement expanded PTA from Tuesday

New Delhi: India and Chile will implement a bilateral expanded Preferential Trade Agreement (PTA)from 16 May, it was announced on Sunday.

Representational image. Thinkstock

Representational image. Thinkstock

According to the Ministry of Commerce and Industry, India and Chile had earlier signed the "original PTA" on 8 March 2006 which came into force with effect from August 2007.

"The original PTA had a limited number of tariff lines, wherein both sides had extended tariff concessions to each other," the ministry said in a statement.

"The expanded PTA has a wider coverage. This would facilitate exporters of both sides to take the advantage of tariff concessions as per the expanded PTA immediately which covers around 96 percent of bilateral trade."

Currently, Chile is the fourth largest trading partner of India in LAC (Latin America and the Caribbean) region after Brazil, Venezuela and Argentina.

Published Date: May 14, 2017 23:27 PM | Updated Date: May 14, 2017 23:27 PM