Union Cabinet approves India Chile PTA

Q.  India has signed the PTA with Chile- what does it stand for?
- Published on 21 Apr 16

a. Preference Trade Agreement
b. Preferential Trade Agreement
c. Post Economic Trade Agreement
d. Pre Trade Agreement

ANSWER: Preferential Trade Agreement
 
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for expansion of India - Chile Preferential Trade Agreement (PTA) between India and Chile.
  • India’s export basket with Chile is diversified and keeping in view the wide variety of tariff lines offered by Chile, the expanded PTA would immensely benefit India.
  • Under the expanded PTA, Chile has offered concessions to India on 1798 tariff lines with Margin of Preference (MoP) ranging from 30%-100% and India has offered concessions to Chile on 1031 tariff lines at 8-digit level with MoP ranging from 10%-100%.
  • Under the proposed expanded PTA, 86% of India's exports to Chile will get covered with concessions, which is likely to result in doubling of our exports in the near future.

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