INDIA - CHILE FREE TRADE AGREEMENT (FTA) Answer: The India-Chile Free Trade Agreement (FTA) is a bilateral trade agreement between India and Chile that aims to promote trade and investment between the two countries. Answer: The India-Chile FTA was signed in 2005 and came into force in 2007. Answer: The main objectives of the India-Chile FTA are to promote bilateral trade and investment, to reduce and eliminate tariff and non-tariff barriers to trade, and to create a framework for economic cooperation between the two countries. Answer: The key provisions of the India-Chile FTA include the reduction or elimination of tariffs on certain products traded between the two countries, the establishment of a Joint Committee to oversee the implementation of the agreement, and the provision of technical assistance and capacity building to support trade and economic cooperation between India and Chile. Answer: The India-Chile FTA covers a wide range of products, including agricultural products, textiles, chemicals, and machinery. The specific list of products covered under the agreement is determined through negotiations between the two countries. Answer: The benefits of the India-Chile FTA include increased trade and economic cooperation between the two countries, which can lead to increased economic growth and development. The reduction or elimination of tariffs can also make products cheaper and more accessible for consumers in both countries. Answer: The implementation of the India-Chile FTA has faced several challenges, including differences in the regulatory frameworks of the two countries, which can affect trade and investment. In addition, some technical issues related to customs procedures and rules of origin have also been raised as potential challenges to the implementation of the agreement. Answer: The India-Chile FTA has led to a significant increase in bilateral trade between the two countries. According to some reports, bilateral trade between India and Chile increased from $794 million in 2006 to $2.7 billion in 2019. Answer: The India-Chile FTA has also led to increased investment flows between the two countries. According to some reports, Indian companies have invested in Chile's mining, pharmaceuticals, and information technology sectors, while Chilean companies have invested in India's energy, infrastructure, and agriculture sectors. Answer: The outlook for future trade and investment between India and Chile is positive, with both countries expressing a desire to deepen economic cooperation and increase bilateral trade and investment. However, some challenges, such as regulatory differences and technical issues, will need to be addressed to fully realize the potential of the India-Chile FTA. |
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