The terms of reference for the agreement were signed on May 8 this year and the negotiations commenced on May 26.
India and Chile recently concluded the first round of negotiations for a comprehensive economic partnership agreement in New Delhi.
The terms of reference were signed on May 8 and the talks commenced on May 26.
Discussions covered trade in goods and services; rules of origin; technical barriers to trade; customs procedures and trade facilitation; dispute settlement; and global value chains.
Discussions covered trade in goods and services; rules of origin; sanitary and phytosanitary measures; technical barriers to trade; customs procedures and trade facilitation; initial provisions and general definitions; core and institutional provisions; dispute settlement; economic cooperation; global value chains; investment promotion and cooperation; and intellectual property rights.
The CEPA aims to unlock the full potential of the trade and commercial relationship between India and Chile, boosting employment, bilateral trade, and economic growth.
Indian commerce secretary Sunil Barthwal said during the opening ceremony of the talks that the agreement will pave the way for a deeper economic partnership and the creation of strengthened global value chains between the two countries, an official release said.
The next round of negotiations is expected in July-August this year and will be preceded by inter-sessional discussions through virtual conferences to address outstanding issues.
During his official visit to India in April this year, President of Chile Gabriel Boric Font had said India is a priority partner for Chile and highlighted the need to explore strategies for enhanced and diversified trade between the two countries.
Both leaders had welcomed the initiation of negotiations towards a balanced, ambitious, comprehensive and mutually beneficial CEPA aimed at achieving deeper economic integration.
The Chilean negotiating team was led by Pablo Urria, director for Asia & Oceanic at the secretariat of international economic relations in the ministry of foreign affairs of Chile. The Indian delegation was headed by Vimal Anand, joint secretary in the department of commerce.
Fibre2Fashion News Desk (DS)