New Delhi, May 31 (IANS) The India-Chile Comprehensive Economic Partnership Agreement (CEPA) will pave the way for a deeper economic partnership and the creation of strengthened global value chains between the two countries, the government has said.

The CEPA aims to unlock the full potential of the trade and commercial relationship between India and Chile, boosting employment, bilateral trade, and economic growth.

The modalities of negotiation will emerge through stakeholder consultations and industry feedback. Both sides are committed to a gainful and explorative approach to ensure a successful and meaningful agreement, said the Commerce Ministry.

In furtherance of the commitment made during the high-level dialogue between India and Chile, the terms of reference for negotiating the CEPA were signed earlier this month.

The first round of negotiations commenced on May 26, with the opening ceremony inaugurated by Commerce Secretary, Sunil Barthwal in the presence of Ambassador of Chile to India, Juan Angulo.

The next round of negotiations is expected in July or August and will be preceded by inter-sessional discussions through virtual conferences to address outstanding issues in advance of the upcoming meeting.

The launch of the CEPA negotiations was welcomed by both nations during the state visit of the President of Chile, Gabriel Boric Font, to India in April and his meeting with Prime Minister Narendra Modi.

The Chilean President conveyed that India is a priority partner for Chile in the global economy and highlighted the need to explore strategies for enhanced and diversified trade between the two countries.

Both leaders welcomed the initiation of negotiations towards a balanced, ambitious, comprehensive, and mutually beneficial CEPA aimed at achieving deeper economic integration.

The Chilean negotiating team had 17 delegates and the Indian delegation was headed by Chief Negotiator Vimal Anand, Joint Secretary, Department of Commerce.

Discussions were held across 17 themes including, Trade in Goods, Trade in Services, Movement of Natural Persons, Rules of Origin, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Customs Procedures and Trade Facilitation, Initial Provisions and General Definitions, Core and Institutional Provisions, Final Provisions, Transparency, Dispute Settlement, Economic Cooperation, MSMEs and Women’s Economic Empowerment, among others.

–IANS

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