India Set for Trade Talks with Chile and Peru: Expanding Economic Partnerships
India is set to engage in significant trade negotiations with Chile and Peru in the coming weeks. With Chile, India aims to upgrade their 2006 preferential trade agreement to a comprehensive economic partnership, covering digital services, investment, MSMEs, and critical minerals. The second round of talks with Chile begins on October 27 in Santiago. Negotiations with Peru, India's third-largest Latin American trading partner, enter the eighth round on November 3 in Lima. Recent trade figures show mixed results with Chile and growth with Peru. These talks represent India's efforts to strengthen its presence in the Latin American market.
*this image is generated using AI for illustrative purposes only.
India is gearing up for significant trade negotiations with two key Latin American partners, Chile and Peru, in the coming weeks. These talks aim to strengthen economic ties and expand existing trade agreements, potentially reshaping India's commercial relationships in the region.
Upcoming Negotiations
| Country | Round | Start Date | Location |
|---|---|---|---|
| Chile | 2 | October 27 | Santiago |
| Peru | 8 | November 3 | Lima |
India-Chile Trade Relations
India and Chile are looking to elevate their 2006 preferential trade agreement to a comprehensive economic partnership agreement. This new agreement aims to cover:
- Digital services
- Investment
- Micro, Small, and Medium Enterprises (MSMEs)
- Critical minerals
Recent trade figures between India and Chile show mixed results:
| Trade Direction | Value (in billions) | Year-on-Year Change |
|---|---|---|
| India's Exports | $1.15 | -2.46% |
| India's Imports | $2.60 | +72% |
Key aspects of India-Chile trade:
- Chile is India's fifth-largest trading partner in Latin America
- Major Indian exports: Automobiles and pharmaceuticals
- Primary Chilean export to India: Minerals
India-Peru Trade Relations
India's trade with Peru has shown growth:
| Trade Direction | Value (in billions) | Year-on-Year Change |
|---|---|---|
| India's Exports | $1.00 | +9% |
| India's Imports | $4.98 | +60% |
Key points on India-Peru trade:
- Peru ranks as India's third-largest trading partner in Latin America
- Major Indian exports: Motorcycles and textiles
- Primary Peruvian exports to India: Gold and copper
These negotiations represent India's ongoing efforts to diversify and strengthen its global trade partnerships, with a particular focus on expanding its presence in the Latin American market. The talks with Chile and Peru could lead to significant changes in trade dynamics, potentially opening up new opportunities for businesses and investors in both regions.
As these negotiations unfold, they will likely be closely watched by economic analysts and businesses looking to capitalize on potential new trade opportunities between India and these Latin American nations.
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