A delegation of senior economic authorities from Chile is in India to explore new opportunities for growth and development between the two countries. Within the agenda that will be worked during these 5 days, promotional events in New Delhi are contemplated, along with meetings with government authorities, and a visit to Mumbai, where the official inauguration of the Consulate will take place along with the economic office of Chile in this destination.
The delegation, headed by Ignacio Fernandez, the General Director of ProChile -an entity belonging to the Ministry of Foreign Affairs in charge of the promotion of goods and services for export- and SOFOFA, a trade association that brings together representatives of different Chilean productive sectors. Among the activities of the mission to be carried out in New Delhi, we can find the Chile-India Business Council, together with the Confederation of Indian Industry and the promotional event "Captivating Chile", and in Mumbai, the inauguration of the Chilean representations and the masterclass "Know Chile Through Wines" stand out among the activities of the mission to be carried out.
At the opening event of this tour, the Director General of ProChile highlighted India's role in the future of trade and how Chile is adapting to current consumer demands. "We are witnesses of the explosive growth that India has had in the last decades, in addition to the incredible potential it has to develop in different areas. That is why we want to strengthen our relationship through new expansion opportunities in the food sector, health and even topics as varied as education. We believe that this visit marks a new milestone in our relations," he added.
Chile was the first Latin American country that individually managed to sign a Trade Agreement with India and currently, both countries maintain a Partial Scope Agreement with India which entered into force in August 2017. There are also multiple commercial ones, as is the case with the Memorandum of Understanding agreement for the acquisition of pharmaceutical products in 2021. To this is added the agreement signed to eliminate Double Taxation in 2020.
The Chilean Ambassador to India, Juan Angulo, highlighted the importance of this type of meetings, which allow the South American country to position itself as a reliable producer. "India has proven to be a key ally for the realization of our strategy in the region. Its cultural richness, its territorial diversity and its millenary history allow us to expand our export portfolio, while promoting openness for the consolidation of new ties," he concluded.
The public-private alliance that makes the trip from Chile possible seeks to be the first of many initiatives aimed at deepening agreements while showing Indian consumers the unique qualities and properties of the goods and services coming from the new continent.
"For us it is extremely important to make visible the work we do every day with Indian importers in order to increase our commercial exchange. We are constantly looking for ways to optimize our shipping times, innovating our offer and meeting the request for more attractive packaging, products with high added value and exceptional flavor. Being on field today makes it easier to recognize opportunities and drives us to go for more," added Mr. Fernandez.
In 2016, an expansion of the Preferential Trade Agreement (PTA) between India and Chile was signed in New Delhi, increasing the scope of the agreement from 474 tariff lines to 2829 tariff glosses. As of 2021, both countries are negotiating a further expansion of the PTA in the hope of deepening it; this could liberalize up to 90% of tariff lines in India, equivalent to some 10,000 products.