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Chile, India Expand Free Trade Deal

by Mike Godfrey, Tax-News.com, Washington

12 September 2016


Chile and India agreed on September 6, 2016, to expand the coverage of trade tax preferences under their Partial Scope Agreement from 474 to 2,800 products.

The agreement to extend the AAP was reached following five years of negotiations. The AAP originally came into force in 2007.

According to Andrés Rebolledo, the Director General of Chile's Directorate General of International Relations (DIRECON), the extended AAP will give at least 80 percent of Chilean exports preferential access to a market of roughly 1.2 billion people.

The number of Chilean products that will receive tariff preferences under the new agreement will rise from 178 to 1,031, while in India's case the number will increase from 296 to 1,798.

Chilean products that will benefit from the new tariff preferences include cherries, onions, avocados, grapes, kiwis, tangerines, peaches, and canned tomato paste. In addition, some Chilean products that already received preferential tariff rates under the original agreement will receive even better tariff rates under the extended AAP, including copper concentrates, molybdenum concentrates, pulp, printed news, pork, and poultry.

In 2015 trade between Chile and India totaled USD2.7bn. Chilean exports to India reached USD1.9bn, while India's exports to Chile totaled USD717m.

TAGS: tax | free trade agreement (FTA) | Chile | India | export duty | tariffs | import duty | trade

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