India and Chile have agreed to initiate discussions on a comprehensive economic partnership agreement, aimed at stronger bilateral trade across multiple sectors.
The announcement came following talks between Prime Minister Narendra Modi and Chilean President Gabriel Boric Font in New Delhi on Tuesday, April 1. The Chilean president is on a five-day visit to India.
Their discussions covered trade, defence, critical minerals, and health, among other areas.
Describing Chile as a key partner for India in Latin America, PM Modi emphasised the shared vision between the two nations.
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"India and Chile may be at different ends of the world map, there may be vast oceans separating us, but nature has linked us with unique similarities," the PM said, as per PTI.
‘Untapped potential for further cooperation’
Modi underscored the importance of enhancing trade and investment between the two nations. "We welcome the growth in mutual trade and investment. We agree that there is also untapped potential for further cooperation," he said.
To further the economic collaboration, both leaders have instructed their respective teams to begin negotiations for a mutually beneficial trade pact with the potential to create new avenues for businesses.
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Critical minerals and defence in focus
As part of the economic engagement, India and Chile will work together on critical minerals, which is a sector crucial for technological and industrial advancements.
"The India-Chile partnership will be strengthened in the field of critical minerals, and work will be done to establish resilient supply and value chains," Modi stated.
On defence cooperation, Modi highlighted the growing trust between the two nations. "We will move forward to create defence industrial manufacturing and supply chains in this area according to each other's needs," he said.
He added that the growing cooperation in the defence sector is a "symbol of deep mutual trust" between the two countries.
Global peace, stability and cultural exchanges
Both leaders also discussed security concerns and agreed to enhance collaboration against transnational threats. "We will increase cooperation between the agencies of both countries to face common challenges like organised crime, drug trafficking, and terrorism," PM Modi was quoted as saying by PTI.
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Efforts will also be made to simplify visa procedures and boost student exchange programmed. "We also considered simplifying the visa process between the two countries. We will also continue to make efforts to increase student exchange," Modi stated.
(With agency inputs)