India-Chile Trade Deal: Commerce and Industry Minister Piyush Goyal on Friday said that the negotiations for a free trade agreement (FTA) between India and Chile are expected to be concluded soon. The India-Chile FTA is expected to enhance access to critical minerals for Indian businesses, making it a strategic step beyond trade.

Speaking at an event of the Institute of Chartered Accountants of India in Greater Noida, Goyal said, "We are engaged in active dialogue with many developed nations (for free trade agreements)...We will soon close the FTA with Chile. It will open up critical minerals for us."

ALSO READ: Bengaluru Inspector In Uniform Seen Screaming Loudly After Falling In 'Bribe Trap' Of Lokayukta Police | Watch

This development comes soon after India signed a free trade agreement (FTA) with the European Union.

How India-Chile FTA Could Boost Domestic Businesses?

Chile has huge reserves of key minerals, including lithium, copper, rhenium, molybdenum, and cobalt, news agency PTI reported. These resources are essential for industries such as electronics, electric vehicles, and solar energy. The India-Chile FTA will facilitate greater access to critical minerals, significantly boosting India’s green energy initiatives and manufacturing ambitions.

While India's exports to Chile fell 2.46 per cent to $1.15 billion in 2024-25, imports surged by 72 per cent to $2.60 billion, reflecting India’s rapidly growing demand for critical minerals.

India-Chile PTA To Be Upgraded To CEPA

India and Chile have had a Preferential Trade Agreement (PTA) since 2006, which is now set to be upgraded to a Comprehensive Economic Partnership Agreement (CEPA, Jagran.com reported. The upgraded pact will cover a wide range of sectors, including digital services, investment, micro, small and medium-sized enterprises (MSMEs), and critical minerals.

ALSO READ: Confident Group Chairman CJ Roy Shoots Himself Dead In Bengaluru Office After IT Raid; Who Was He?

FTA With Other Developed Nations

Speaking at the event, Goyal highlighted that India has signed trade agreements with several developed economies over the past four years, including Mauritius, Australia, the UAE, New Zealand, Oman, EFTA countries, the UK, and the European Union.