New Delhi [India], May 9 (ANI): India and Chile took a major step forward in strengthening their economic partnership by signing the Terms of Reference (ToR) for a Comprehensive Economic
Partnership
Agreement
(
CEPA
).
The Ministry of Commerce & Industry stated on Friday that this accord opens a new kala in commercial ties between the two nations.
The Treaty of Reciprocity (ToR) was signed by Juan Angulo, the Ambassador of Chile to India, and Vimal Anand, who serves as the Joint Secretary in the Department of Commerce and acts as the Chief Negotiator for India-Chile relations.
CEPA
from the Indian side.
The signing of the Terms of Reference signifies the common objective of both nations to strengthen their mutual relationship and boost economic collaboration.
The Ministry stated, “India and Chile have endorsed the Terms of Reference (ToR) for a Comprehensive Economic”
Partnership
Agreement
(
CEPA
) on 08 May 2025, signifying a major step forward in their mutual trade relationship”.
It also added “The
CEPA
seeks to expand the current PTA between the two countries and aims to cover a wider array of sectors such as digital services, investment promotion and collaboration, MSMEs, critical minerals, among others. This initiative intends to strengthen economic integration and cooperation.”
The first round of
CEPA
The negotiations are set to occur between May 26 and 30, 2025, in New Delhi. Both nations have shown dedication to collaborating for an advantageous and all-encompassing accord.
Critical minerals will play a significant role in the future.
CEPA
Discussions are crucial for areas such as semiconductors, electric vehicle batteries, and robotics — fields that are becoming increasingly significant in the worldwide economic landscape.
It is anticipated that these initiatives will boost economic integration and collaboration between the two countries.
India and Chile have maintained friendly and amicable relations over several years. A Framework
Agreement
The agreement on Economic Cooperation was signed in January 2005, succeeded by the signing of a Preferential Trade Agreement (PTA) in March 2006. This PTA underwent expansion in September 2016 and became operational in May 2017. Between 2019 and 2021, both parties conducted three negotiation sessions aimed at broadening the scope of the PTA even more.
To elevate their economic partnership further, both nations opted to progress toward a
CEPA
This choice was made following the suggestions put forth by the Joint Study Group (JSG), which was established within the framework laid out in 2005.
Agreement
The JSG report was completed and endorsed on April 30, 2024.
The saat-saat for
CEPA
received additional backing during Chilean President Gabriel Boric Font’s state visit to India from April 1 to 5, 2025, invited by Prime Minister Narendra Modi.
Throughout the visit, the leaders on both sides acknowledged the crucial importance of trade and commerce in fostering their mutual partnership.
They likewise greeted the commencement of
CEPA
discussions and highlighted the significance of establishing a fair, robust, and reciprocal accord that could pave the way for fresh avenues of expansion and collaboration. (ANI)
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Syndigate.informasi
).