India and the South American nation of Chile are negotiating for a further extension of a trade agreement aimed at strengthening trade and economic relations in both directions, an official said. Both governments provide all possible assistance in promoting contacts between traders and trade organizations in the two countries in different areas, so that contracts are concluded directly between the parties concerned. India hopes that drug exports will increase significantly after the expansion of the EPZ, particularly in light of a recent signing of a high-quality generic drug purchase programme signed between India`s STC and Chile`s CENABAST. In 2003, Chile accepted a proposal from India to negotiate a one-sided lescope agreement (PSA). The first work began in 2004 and draft texts were drawn up this year. On 20 January 2005, Chile and India signed a framework agreement to promote economic cooperation, aimed at promoting the expansion of trade and creating the conditions and mechanisms for negotiating a free trade agreement, as well as the opening of negotiations in 2005 on a preferential trade agreement (EEA). In addition, the parties agreed to establish a joint task force to make recommendations for a transition to a free trade agreement or a comprehensive economic cooperation agreement, should such an agreement prove feasible. Turkey has bilateral and multilateral agreements: New Delhi`s increased engagement with Chile is part of its broader approach to strengthening its commitment to Latin America to extend countries` trade interests beyond traditional EU and US markets. List of agreements being negotiated.
Agreements that have so far been discussed only in the absence of formal action by the parties concerned are not mentioned. India hopes to export more generic drugs and textiles to Chile, while the South American country wants to increase its exports of fish, oats, fruit, industrial products and chemicals, both of which have formally exchanged the objectives of extending the bilateral preferential trade agreement (EPZ). “Once the expanded EPZ is in place, the two countries will also consider a possible comprehensive economic partnership agreement, including goods, services and investments,” the official added. Bilateral trade between India and Chile amounts to about $2.5 billion per year. The parties agree to cooperate in promoting closer relations between their relevant organisations in the areas of customs, plants and animal health, technical standards and regulations, food security, mutual recognition of health and plant health measures, including equivalency agreements, in accordance with relevant international criteria. I confirm that the above sentences are correct between us. “Bilateral trade between India and Chile has enormous potential to expand, as it is currently at a low level, mainly due to the distance between countries. Both governments hope that once existing EPZs are expanded, exporters from both countries will have a greater incentive to explore markets,” the official said. Opportunities to increase investment between the two countries were also discussed. Note: Any customs union, every common market, any economic union, the Customs and Monetary Union and the Economic and Monetary Union are also a free trade area.
India`s bilateral trade with Chile was $2.22 billion in 2018/2019. It is a list of free trade agreements between two parties in which each party could be a country (or another customs territory), a trade bloc or an informal group of countries.