According to the Ministry of Commerce and Industry, India and Chile had earlier signed the "original PTA" on March 8, 2006 which came into force with effect from August 2007.
"The original PTA had a limited number of tariff lines, wherein both sides had extended tariff concessions to each other," the ministry said in a statement.
"The expanded PTA has a wider coverage. This would facilitate exporters of both sides to take the advantage of tariff concessions as per the expanded PTA immediately which covers around 96 per cent of bilateral trade."
Currently, Chile is the fourth largest trading partner of India in LAC (Latin America and the Caribbean) region after Brazil, Venezuela and Argentina.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.