New Delhi, Sept 18 (UNI) Preferential trade agreement (PTA), signed between India and Chile last year, has been ratified and operationalised with both the nations having issued customs notifications providing for tariff concessions, a government statement said today.
The ratification process was completed in New Delhi recently after the visit of the Chilean President.
The PTA provides tariff concessions ranging from 10 to 50 per cent on 178 tariff lines at the 8-digit level to Chile, while similar range of tariff concessions have been made available to India on 296 tariff lines, Commerce Ministry said.
Tariff concessions offered by Chile include agriculture products, chemicals and pharmaceuticals, dyes and resins, plastic, rubber and miscellaneous chemicals, leather products, textiles and clothing, footwear and some industrial products.
India has offered tariff concessions on meat and fish products, rock salt, iodine, copper ore and concentrates, chemicals, leather products, newsprint and paper, wood and plywood articles, industrial products, shorn wool, the Ministry added.
Chile has been India's major trading partner in Latin America.
Bilateral trade between the two nations increased from 163.68 million dollars in 1996-97 to 582.60 million dollars in 2005-06. The PTA is expected to further boost the growing bilateral trade.