In addition to the ongoing negotiations for the second round of expansion of Preferential Trade Agreement (PTA), India and Chile are soon going to ink a Bilateral Investment Protection Treaty.
India and the South American nation Chile already has a Double Taxation Avoidance Agreement which was signed earlier this year in March and the two sides are already in the process of finalizing a date for the next round of talks for the expansion of the PTA, which was delayed due to global pandemic.
India has welcomed Chile’s decision to designate India as a priority country in its foreign policy, and its decision to opening Consulate General in Mumbai.
Post-COVID, in an effort to promote cooperation in trade, investment, services and all industrial sectors between the two countries, the two countries are also in the midst of setting up an India-Chile Joint Business Council. Another big step the two sides are working on an MoU for cooperation in the health sector and export of generic medicines from India.
These are some of the highlights of the recently held first Joint Commission meeting between the two countries, external affairs minister S Jaishankar and Chile’s Allamand Zavala co-chaired the virtual meeting and reviewed the bilateral cooperation.