Chile and India begin negotiations to expand Trade Agreement
Within the framework of the public - private mission to India, yesterday Under Secretary of International Economic Relations, Rodrigo Yáñez, signed with the Secretary of Commerce of India, Anup Wadawan, the terms of reference for deepening the trade agreement between the two countries.
Since the year 2007 Chile has a Partial Scope Agreement (AAP) with India, which was updated the 2017, but there is room to grow. The national authority explained that India is a strategic market for Chile, being the second most populous country on the planet and the seventh largest economy in the world, it is presented as an interesting alternative, especially for exporters of fresh fruits and food in general.
"Our purpose on the agenda with India is to continue to strengthen commercial relations with that market, of paramount importance for Chilean non-copper products, which have grown on average 15% since 2007," said Rodrigo Yáñez.
"Once our countries reach an agreement in the second expansion process, we will have the opportunity to liberalize up to 90% of the tariff lines of India, an equivalent to 10.000 products," added the authority, who explained that the new agreement will also allow continue to narrow investments between both countries.
In addition, an agreement for a Memorandum of Understanding for the acquisition of pharmaceutical products (generic drugs) and an agreement to eliminate Double Taxation were agreed
Together with the Assistant Secretary Rodrigo Yáñez, the mission includes the former president and special ambassador in Asia Pacific mission, Eduardo Frei, the ProChile General Director, Jorge O'Ryan, the InvestChile Director, Cristian Rodríguez, and the Chilean ambassador to India , Juan Angle, among other authorities.
Opportunities Seminar
During the day, which precedes the fifth version of Chile Week China (which will take place from 29 August until September 03), the Chile-India Business and Investment Opportunities Seminar was held.
The objective was to make known to local entrepreneurs, main importers and decision makers in India, the opportunities offered by our country as a provider of goods and services - especially in food and beverages - and also to position Chile as a reliable platform to make business and investments in Latin America.
In an adverse scenario for international trade due to the effects of the trade war between China and the US, India appears as a great opportunity due to the development of its middle class - estimated at 220 millions of people - as well as by the changes in consumer trends, economic growth projections and the development of its retail; characteristics that favor the deepening or the emergence of new businesses for Chilean companies.
Jorge O'Ryan, General Director of ProChile, stressed that “Chile and India have enormous opportunities for complementarity for both seasonal fruits such as apples, kiwis, grapes, plums, cherries and pears; for foods in which India is not a net producer such as oats, nuts such as nuts; for chemical products manufacturing and also to make use of tools and technological ideas that allow us to join forces for innovation and entrepreneurship ”.
Balance of trade
Currently, India is the twelfth trading partner of Chile. With a total of US $ 1.187 million between January and June of this year, the exchange between both countries grew by 6% with respect to the same period of the year 2018. National exports reached US $ 715 million, registering an increase of 5%, while imports totaled US $ 442 million, increasing 8% compared to the same period of the previous year. This means that the trade balance shows a positive balance for Chile of US $ 400 million.
It should be noted that the actions of the Chilean Week in India were inaugurated on Monday with a promotion of Chilean kiwi in the food hall of Mall Chanakya, which also included a Masterclass by Wines of Chile, a business conference in which six national exporting companies participated (Good Valley, Agropel, Prunesco, Santa Ema , Agrotop and Dalbosco Wines).
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