India and Chile Near Conclusion of Free Trade Agreement Focused on Critical Minerals
India and Chile are nearing the finalization of a free trade agreement aimed at improving access to critical minerals for Indian businesses, as announced by Commerce and Industry Minister Piyush Goyal. This agreement will upgrade the existing 2006 Preferential Trade Agreement to a Comprehensive Economic Partnership Agreement, encompassing areas such as digital services and investment. The move comes amid a significant increase in imports from Chile, highlighting the strategic importance of this partnership for India's trade landscape.
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India and Chile are close to finalizing a free trade agreement (FTA) that aims to enhance access to critical minerals for Indian businesses. Commerce and Industry Minister Piyush Goyal announced the imminent conclusion of negotiations during an event in Greater Noida.
Chile is rich in essential minerals such as lithium, copper, rhenium, molybdenum, and cobalt, which are crucial for electronics and green energy sectors. The FTA will upgrade the existing 2006 Preferential Trade Agreement (PTA) to a Comprehensive Economic Partnership Agreement (CEPA), expanding coverage to digital services, investment, and micro, small, and medium enterprises (MSMEs).
India's trade with Chile showed a decline in exports, down 2.46% to $1.15 billion in 2024-25, while imports surged by 72% to $2.60 billion. Goyal highlighted India's recent trade agreements with several developed nations, emphasizing the strategic importance of these partnerships.
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