Chile's trade engagement with India is poised for a big leap with the two countries looking to transform the Preferential Trade Agreement (PTA) into a Free Trade Agreement (FTA), Dr. (Ms.) Michelle Bachelet, President of Chile, said here.
Addressing a Seminar on 'Chile-India: Growing Business Opportunities & Cooperation', organised by the Embassy of Chile in association with FICCI, CII and ASSOCHAM, Dr. Bachelet said, the PTA between Chile and India, which has been in force since August 2007, has facilitated the growth in bilateral trade which reached US$ 2.3 billion in 2008 from US$ 300 million in 2004. “The Chilean Government has decided to open a commercial office at its embassy in New Delhi this year, making the conditions ripe for doubling of the trade between the two countries in the next five years,” the Chilean President said.
The two countries have agreed to enhance the periodic exchanges of business missions and participation in each other's trade fairs to facilitate promotion of their respective countries' products and services. Both sides have agreed to endeavor to double bilateral trade in the next five years.
Describing India as a “priority country'” in Chile's Asia policy, Dr. Bachelet said, Chile offers to India bridge for trade with other Latin American and other nations. Chile's trade agreements with 56 nations, representing 90% of global GDP and 60% of the world population , would give India a large access to global markets, the Chilean President pointed out.
Both Chile and India have expressed interest in strengthening cooperation in new areas such as Information Technology (IT) and bio-technology in which India is regarded as a pioneer amongst developing nations.
Mr. Anand Sharma, India's Minister of State for External Affairs and Information & Broadcasting, expressed confidence that going by the current trends in the growth of bilateral trade, it would be possible to double the trade volume in five years. The global economic crisis, he said, provided an opportunity to both the countries to seriously address the issues of bringing about a transformation in the global financial and political architectures.
Federation of Indian Chambers of Commerce and Industry
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