India-Chile to implement expanded PTA from Tuesday
India and Chile will implement a bilateral expanded Preferential Trade Agreement (PTA)from 16 May, it was announced on Sunday.
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
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.
Related Articles
"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.
also read
Govt revises definition of a startup; everything you need to know about the new norms
The Department of Industrial Policy and Promotion (DIPP), under Union Ministry for Commerce and Industry, amended the definition of a startup on Wednesday
Infosys Wins eBiz Project From Ministry Of Commerce & Industry
The scope of work under this agreement includes designing the eBiz platform; establishing the supporting IT infrastructure; and expanding the eBiz solution and services for the next 10 years.
Core sector growth up 3.2% in Sept, fastest in four months
Crude oil segment declined (-)0.1 percent in September while the sector had shown a healthy growth of 5.6 percent in August.