Negotiations for a landmark trade agreement between India and Chile are progressing rapidly and are now approaching their final phase. Chile's Ambassador to India, Juan Angulo, provided this optimistic update, indicating that the Comprehensive Economic Partnership Agreement (CEPA) could soon become a reality.
Final Rounds of Negotiations Underway
Ambassador Angulo revealed that four rounds of talks have already been successfully completed. He expressed strong hope that the upcoming fifth round of negotiations might be the one to finalize the entire agreement. The discussions, which have been comprehensive in scope, cover a wide array of economic sectors and regulatory frameworks.
The envoy described the CEPA as a mutually beneficial or "win-win" arrangement designed to significantly deepen the economic relationship between the two nations. The primary goal is to strengthen ties in trade, investment, and broader economic cooperation, creating new opportunities for businesses on both sides.
Key Pillars: Market Access and Critical Minerals
The agreement is notably extensive, encompassing more than 20 detailed chapters. Among the most critical areas of focus are negotiations on enhanced market access for goods and services. Perhaps even more strategically important is the collaboration on critical minerals, a sector where Chile, as a major global producer, holds significant resources that are vital for India's manufacturing and clean energy ambitions.
This focus on minerals is seen as a cornerstone of the partnership, aligning India's growing demand with Chile's supply capabilities in the global market.
Building a Stronger Economic Foundation
Beyond the CEPA, Ambassador Angulo highlighted other foundational agreements that will support the growing bilateral relationship. These include an existing Double Taxation Avoidance Treaty (DTAA) and a proposed Social Security Agreement.
Together, these pacts are designed to remove barriers and provide a more secure and predictable environment for cross-border investments and the movement of professionals between India and Chile. They form a crucial framework that will facilitate smoother business operations once the CEPA is implemented.
The finalization of the India-Chile CEPA is poised to mark a significant step forward in India's engagement with Latin America, opening new doors for trade and securing vital supply chains for its economy.
