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Indian President inks trade pact to fortify bilateral ties

22
Apr '08
Four strategic agreements were signed on April 21 between Pratibha Patil, President of India and Michelle Bachelet the Chilean counterpart.

A number of bilateral agreements were signed in the presence of both the Presidents concerning, among other areas, science and technology and cooperation on sports.

Indian President expressed the hope for diversifying the institutional structure so as to ensure mutual cooperation and strengthen bilateral ties.

Ms Pratibha Patil asserted that bilateral trade between the two countries was growing and there was still ample room for broadening trade and investment areas as to considerably heighten economic engagement.

With the inking of Preferential Trade Agreement (PTA) in 2006 between the two countries, bilateral trade worth US $2.4 billion was registered marking an increase of 38.8 percent in 2007 than the previous year. Chile was the first country in Latin America to sign a PTA with India.

According to the agreement, India gives tariff preferences on 178 Chilean items while the latter reduces duty on 296 exported items which mainly includes chemicals, textile and leather products.

Ms Patil very candidly stated that her main purpose in paying a visit to Chile was to show that strengthening bilateral ties is important to India.


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