India Chile Signs Trade Agreement To Consolidate Bilateral Relations

In April 21st, President Patil of India signed four strategic agreements with Chile Michel Bachelet.

Before the meeting between the two presidents, the two sides signed many bilateral agreements, from technology to sports cooperation.

Patil, President of India, said she hoped to diversify the industrial structure so as to ensure mutual cooperation and consolidate bilateral relations.

India President Patil declared that bilateral trade between India and Chile is growing, and there is still room for expanding trade and investment, which can raise economic cooperation considerably.

India and Chile signed a preferential trade agreement in 2006. The bilateral trade reached 2 billion 400 million US dollars, an increase of 38.8% in 2007.

Chile is the first Latin American country to sign preferential trade agreements with India.

According to the agreement, India gives preferential tariffs to 178 Chile projects, while Chile cuts tariffs on 296 export items in India, mainly including chemicals, textiles and leather products.

Patil said that the main purpose of her visit to Chile is to demonstrate that consolidating bilateral relations with Chile is very important to India.