India and Chile signed the Terms of Reference (ToR) for a Comprehensive Economic Partnership Agreement (CEPA), marking a significant advancement in their bilateral trade relations.

The mutually agreed ToR was signed yesterday by Ambassador of Chile in India, Juan Angulo and Joint Secretary, Department of Commerce Vimal Anand. Ministry of Commerce in a statement said that both sides reiterated their shared vision for strengthening bilateral relations and look forward to fruitful discussion during the first round scheduled for 26th to 30th of this month in New Delhi.

The CEPA aims to build upon the existing Preferential Trade Agreement between the two nations. It seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSME and critical minerals among others for enhancing economic integration and cooperation.

India and Chile are strategic partners and close allies, sharing warm and cordial relations. Bilateral ties have steadily strengthened over the years with the exchange of high-level visits. A Framework Agreement on Economic Cooperation was signed between the two countries in January, 2005, followed by Preferential Trade Agreement (PTA) in March, 2006. Since then economic and commercial relations between India and Chile have remained robust and continue to grow.