India widens Preferential Trade Agreement basket with Chile

The government has approved expansion of the Preferential Trade Agreement with Chile, a move that will help in doubling of exports to the Latin American nation in future. The Cabinet meet, chaired by Prime Minister Narendra Modi, on Wednesday approved expansion of the India-Chile Preferential Trade Agreement (PTA), an official statement said. 

"India's export basket with Chile is diversified and keeping in view the wide variety of tariff lines offered by Chile, the expanded PTA would immensely benefit India," it added.

"Under the proposed expanded PTA, 86 per cent of India's exports to Chile will get covered with concessions, which is likely to result in doubling of our exports in the near future." Under the expanded PTA, Chile has offered concessions to India on 1,798 tariff lines with Margin of Preference (MoP) ranging from 30-100 per cent, with India reciprocating on 1,031 tariff lines with MoP at 10-100 per cent.