India, Chile expand preferential trade agreement

Q.  India and which country have expanded their preferential trade agreement?
- Published on 07 Sep 16

a. Chile
b. China
c. Cuba
d. Cambodia

ANSWER: Chile
 
India, Chile expand preferential trade agreement India and Chile have expanded their preferential trade agreement with the South American nation offering duty concessions on as many as 1798 goods to Indian exporters compared to 178 items earlier.
  • India, in turn, has offered concessions to Chile on 1031 products as against 296 earlier.
  • Development would help both nations to boost bilateral trade from the level of USD 2.64 billion in 2015-2016
  • India’s export to Chile comprises transport equipment, pharmaceuticals, yarns of polyester fibre, tyres and tubes, chemicals, textiles, readymade garments, plastic goods, leather, engineering goods, imitation jewellery, sports goods and handicrafts
  • Major items of import are copper ore, iodine, copper cathodes, molybdenum ores, lithium carbonates, metal scrap, chemicals, pulp and waste paper, fruits and nuts, fertilisers and machinery.
  • Indian export basket with Chile is diversified and keeping the wide variety of tariff lines offered by Chile, expanded PTA will benefit India
  • PTA was earlier signed between India and Chile in march 2006 and came into force from August 2007
  • Chile has been cooperating with India at the internal fora and expansion of the PTA will enhance trade and economic relations between the two nations
  • Expansion will be an important landmark in relations between India and LAC countries (Latin American and Caribbean countries)
  • PTA is likely to result in doubling of exports in future.
  • Among the LAC countries, Chile is the third largest trading partner of India during 2015-2016
  • India’s bilateral trade with Chile stood at USD 2.64 billion with exports at USD 0.68 billion and imports at USD 1.96 billion in 2015-2016
  • Meanwhile, Indian naval ship Trikand has arrived at Dar Es Salaam on a visit s part of deployment to East Coast of Africa and Island Nations in the Western Indian Ocean
  • The last such visit by IN ship to Tanzania was in March 2016 when Indian Naval ship Sutlej visited Dar Es Salaam as part of Survey deployment.
  • The current visit seeks to strengthen the existing bonds of friendship between India and Tanzania and reaffirm India’s commitment towards enhancing maritime cooperation between the two nations.

Related Content

➨ Post your comment / Share knowledge


Enter the code shown above:

(Note: If you cannot read the numbers in the above image, reload the page to generate a new one.)
▲