India, Chile sign terms of reference for new trade deal-OxBig News Network

File picture of Special Secretary, Ministry of External Affairs, P. Kumaran, right, and Ambassador of Chile to India Juan Angulo exchange agreements during a joint press statement after a meeting of Prime Minister Narendra Modi and President of Chile Gabriel Boric Font, at Hyderabad House in New Delhi
| Photo Credit: Shiv Kumar Pushpakar

Even as India has finalised negotiations for the FTA with the U.K. and talks are underway on several other similar agreements, the government on Friday (May 9, 2025) announced it has signed the terms of reference with Chile for a Comprehensive Economic Partnership Agreement (CEPA).

The mutually agreed terms were signed by Juan Angulo, Ambassador of Chile in India, and Vimal Anand, joint secretary in the Ministry of Commerce and Industry. Mr. Anand is also the chief negotiator for the India-Chile CEPA on behalf of India.

“The CEPA aims to build upon the existing PTA (Preferential Trade Agreement) between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSME, critical minerals etc. thereby enhancing economic integration and cooperation,” the government said in a release.

India’s bilateral trade with Chile stood at $3.6 billion in 2024-25 as of February 2025. This is double the $1.8 billion of trade between the two countries in 2016-17, the earliest period for which there is data.

However, India maintains a trade deficit with Chile, with the deficit at around $2.5 billion in 2024-25.