India committed to conclude trade pact talks with Chile within this year: Govt

India is committed to conclude negotiations for a comprehensive trade agreement with Chile this year as it would help further strengthen economic ties between the two countries, the commerce ministry said on Sunday.

Commerce Secretary Rajesh Agarwal was there in Santiago, Chile to review the progress of the talks.

The proposed comprehensive economic partnership agreement (CEPA) is expected to open new avenues for greater trade and investment, while fostering cooperation in technology, talent and resilient supply chains.

"India remains committed to concluding the CEPA negotiations within this year, with the aim of delivering a balanced and mutually beneficial framework that provides equitable and commercially meaningful outcomes for businesses on both sides," it said.

Agrawal met Paula Estevez Weinstein, Vice-Minister of International Economic Relations, Chile, on August 26 to advance negotiations on the India-Chile CEPA.

The secretary highlighted the immense potential for enhanced economic cooperation in sectors, including healthcare, pharmaceuticals, energy, minerals, agriculture, machinery, and engineering.

"The successful conclusion of the CEPA negotiations would provide further momentum to the growing bilateral trade and economic partnership between the two countries," it said.