India, Chile expand preferential trading pact to boost economic ties


Posted on:07 Sep 2016 09:13:14

India, Chile expand preferential trading pact to boost economic ties
07 September 2016 Current Affairs: India and Chile have expanded their Preferential Trade Agreement with both offering to lower or eliminate tariffs on a number of items traded with each other.

Chile has offered concessions to India on 1798 tariff lines with margin of preference (extent to which duties are lower than those offered to other countries) ranging from 30 per cent to100 per cent.

India’s offer to Chile is on 1,031 products with a margin of preference between 10 per cent and 100 per cent.

The agreement on the expansion of India–Chile Preferential Trade Agreement (PTA) was signed in a meeting between Commerce Secretary Rita Teaotia and Chilean Ambassador to India Andrés Barbé González.

India and Chile first signed a PTA in March 2006 but it was limited in scope. India’s offer list to Chile in the initial PTA consisted of 178 tariff lines with a margin of preference ranging from 10 per cent to 50 per cent. Chile’s offer list to India comprised 296 tariff lines with margin of preference ranging from 10 per cent to 100 per cent.

 


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs May 2017

29 MAY
NEWS
27 MAY
NEWS
26 MAY
NEWS
25 MAY
NEWS

Current Affairs April 2017

29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS
26 APRIL
NEWS

Current Affairs March 2017

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS