October 20, 2020
Foreign Trade

Foreign Affairs Ministers’ Meeting: Chile and India agree to expand trade agreement

Foreign Affairs Ministers’ Meeting: Chile and India agree to expand trade agreement
During the meeting, the ministers agreed to resume negotiations this year in order to expand the Partial Scope (PS) Agreement signed in New Delhi in 2006, which entered into force in August 2007.

Today the Foreign Affairs Ministers of Chile and India, Andrés Allamand and Subrahmanyam Jaishankar, agreed to quickly move forward with the expansion of the countries’ bilateral trade agreement. During the first meeting of the high-level Joint Commission between the two countries, Chile’s Foreign Minister stated, “India is one of the priorities of Chile’s current foreign policy because it is part of the trio of ‘giants’ together with Brazil and Indonesia.”

“India has a great deal to offer Chile in various areas, starting with trade and investment. It is one of the most important economies in the world, and it is growing. It is a country that will soon have a larger population than China,” the Minister explained. He added, “It is a country that we should pay preferential and special attention to because we can work with them in various areas.”

During the meeting, the ministers agreed to resume negotiations this year in order to expand the Partial Scope (PS) Agreement signed in New Delhi in 2006, which entered into force in August 2007. 

The Foreign Affairs Ministers highlighted the upcoming opening of the Chilean Consulate General in Mumbai, which is meant to continue to strengthen connections and cooperation between the countries.

“This meeting is a milestone for our foreign affairs. We are certain that it will help us to promote bilateral trade and to strengthen connections for cooperation in a wide range of areas,” the Minister stated after the meeting, which included a high level of dialogue and political coordination.

The videoconference included a review of the progress made in various areas of cooperation, such as trade, investment, defense, space, mining, education, farming and pharmaceuticals. In this regard, they addressed negotiations for the signing of memoranda of understanding on agriculture and among both countries’ medicines regulatory agencies.

They also discussed the installation of a satellite-tracking antenna in the Magallanes Region by the Indian Space Research Organization (ISRO) and satellite cooperation issues.

The ministers talked about their shared visions of the importance of development of renewable energy -such as green hydrogen projects-, Chile’s cooperation with the Indo-Pacific and the fiber optic cable project that Chile is leading to connect Latin America and Asia, which will allow relations between the two regions to continue to grow.

Bilateral trade totaled $2.1 billion in 2019. Chilean exports -totaling US$1.2 billionwere mainly comprised of copper, molybdenum and iodine, while those of India included tourism vehicles and medications.

The meeting participants included officials such as Secretary (East) in India’s External Affairs Ministry, Riva Ganguly Das; the Joint Secretary of the Division for Latin America and the Caribbean of India’s External Affairs Ministry, Gloria Gangte; International Economic Relations Undersecretary, Rodrigo Yáñez; and the AsiaPacific Director of the Foreign Affairs Ministry, Carlos Olguín.